[Congressional Bills 117th Congress]
[From the U.S. Government Publishing Office]
[H.R. 2543 Engrossed in House (EH)]

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117th CONGRESS
  2d Session
                                H. R. 2543

_______________________________________________________________________

                                 AN ACT


 
    To amend the Federal Reserve Act to add additional demographic 
  reporting requirements, to modify the goals of the Federal Reserve 
                    System, and for other purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE; TABLE OF CONTENTS.

    (a) Short Title.--This Act may be cited as the ``Financial Services 
Racial Equity, Inclusion, and Economic Justice Act''.
    (b) Table of Contents.--The table of contents for this Act is as 
follows:

Sec. 1. Short title; table of contents.
                   TITLE I--EQUITY IN MONETARY POLICY

Sec. 101. Duty to minimize and eliminate racial disparities.
Sec. 102. Appearances before and reports to the Congress.
           TITLE II--DIVERSITY DATA COLLECTION AND REPORTING

      Subtitle A--Diversity and Inclusion Data Accountability and 
                              Transparency

Sec. 211. Disclosures by regulated entities.
   Subtitle B--LGBTQ Business Equal Credit Enforcement and Investment

Sec. 221. Small business loan data collection.
                TITLE III--ACCESS TO HOUSING AND LENDING

      Subtitle A--Improving Language Access in Mortgage Servicing

Sec. 311. Findings.
Sec. 312. Language access requirements and resources.
                    Subtitle B--Fair Lending for All

Sec. 321. Office of Fair Lending Testing.
Sec. 322. Prohibition on credit discrimination.
Sec. 323. Criminal penalties for violations of the Equal Credit 
                            Opportunity Act.
Sec. 324. Review of loan applications.
Sec. 325. Mortgage data collection.
   Subtitle C--Promoting and Advancing Communities of Color Through 
                           Inclusive Lending

Sec. 331. Strengthening diverse and mission-driven community financial 
                            institutions.
Sec. 332. Capital investments, grants, and technology support for MDIs 
                            and CDFIs.
Sec. 333. Supporting Young Entrepreneurs Program.
Sec. 334. Map of minority depository institutions and community 
                            development financial institutions.
Sec. 335. Report on certified community development financial 
                            institutions.
Sec. 336. Consultation and minimization of data requests.
Sec. 337. Access to the discount window of the Federal Reserve System 
                            for MDIs and CDFIs.
Sec. 338. Study on securitization by CDFIs.
     TITLE IV--DIVERSITY IN FINANCIAL INSTITUTIONS AND CORPORATIONS

     Subtitle A--Promoting New and Diverse Depository Institutions

Sec. 411. Study and strategic plan.
        Subtitle B--Promoting Diversity and Inclusion in Banking

Sec. 421. Diversity and inclusion ratings.
      Subtitle C--Improving Corporate Governance Through Diversity

Sec. 431. Submission of data relating to diversity by issuers.
Sec. 432. Diversity advisory group.
          Subtitle D--Ensuring Diversity in Community Banking

Sec. 441. Short title.
Sec. 442. Sense of Congress on funding the loan-loss reserve fund for 
                            small dollar loans.
Sec. 443. Definitions.
Sec. 444. Inclusion of women's banks in the definition of minority 
                            depository institution.
Sec. 445. Establishment of impact bank designation.
Sec. 446. Minority Depositories Advisory Committees.
Sec. 447. Federal deposits in minority depository institutions.
Sec. 448. Minority Bank Deposit Program.
Sec. 449. Diversity report and best practices.
Sec. 450. Investments in minority depository institutions and impact 
                            banks.
Sec. 451. Report on covered mentor-protege programs.
Sec. 452. Custodial deposit program for covered minority depository 
                            institutions and impact banks.
Sec. 453. Streamlined community development financial institution 
                            applications and reporting.
Sec. 454. Task force on lending to small business concerns.
 Subtitle E--Expanding Opportunity for Minority Depository Institutions

Sec. 461. Establishment of Financial Agent Mentor-Protege Program.
                     TITLE V--COMMUNITY DEVELOPMENT

          Subtitle A--CDFI Bond Guarantee Program Improvement

Sec. 511. Sense of Congress.
Sec. 512. Guarantees for bonds and notes issued for community or 
                            economic development purposes.
Sec. 513. Report on the CDFI bond guarantee program.
   Subtitle B--Expanding Financial Access for Underserved Communities

Sec. 521. Credit union service to underserved areas.
Sec. 522. Member business lending in underserved areas.
Sec. 523. Underserved area defined.
Sec. 524. Reports by the National Credit Union Administration.
Sec. 525. Rule of construction.
      TITLE VI--ENSURING DIVERSE LEADERSHIP OF THE FEDERAL RESERVE

Sec. 601. Short title.
Sec. 602. Congressional Findings.
Sec. 603. Federal reserve bank presidents.
Sec. 604. Technical adjustments.
                TITLE VII--STUDYING BARRIERS TO HOUSING

Sec. 701. Short title.
Sec. 702. GAO study and report on reducing homelessness through public 
                            housing and section 8 rental assistance.
           TITLE VIII--STATE OF HOUSING IN THE UNITED STATES

Sec. 801. Interagency working group reports.
Sec. 802. Testimony on the state of housing affordability and supply.
             TITLE XI--REPORT ON HOUSING FOR LGBTQ+ PERSONS

Sec. 901. HUD report.
  TITLE X--``EXPANDING ACCESS TO CREDIT THROUGH CONSUMER-PERMISSIONED 
                                 DATA''

Sec. 1001. Short title.
Sec. 1002. Findings.
Sec. 1003. Requirement to consider additional credit information when 
                            making mortgage loans.
                        TITLE XI--PAYMENT CHOICE

Sec. 1101. Short title.
Sec. 1102. Sense of congress.
Sec. 1103. Retail businesses prohibited from refusing cash payments.

                   TITLE I--EQUITY IN MONETARY POLICY

SEC. 101. DUTY TO MINIMIZE AND ELIMINATE RACIAL DISPARITIES.

    The Federal Reserve Act (12 U.S.C. 221 et seq.) is amended by 
inserting after section 2B the following:

``SEC. 2C. DUTY TO MINIMIZE AND ELIMINATE RACIAL DISPARITIES.

    ``The Board of Governors of the Federal Reserve System and the 
Federal Open Market Committee shall exercise all duties and functions 
in a manner that fosters the elimination of disparities across racial 
and ethnic groups with respect to employment, income, wealth, and 
access to affordable credit, including actions in carrying out--
            ``(1) monetary policy;
            ``(2) regulation and supervision of banks, thrifts, bank 
        holding companies, savings and loan holding companies, and 
        nonbank financial companies and systemically important 
        financial market utilities designated by the Financial 
        Stability Oversight Council;
            ``(3) operation of payment systems;
            ``(4) implementation of the Community Reinvestment Act of 
        1977;
            ``(5) enforcement of fair lending laws; and
            ``(6) community development functions.''.

SEC. 102. APPEARANCES BEFORE AND REPORTS TO THE CONGRESS.

    (a) Section 2B of the Federal Reserve Act (12 U.S.C. 225b) is 
amended--
            (1) in subsection (a)(1)--
                    (A) in subparagraph (A), by striking ``and'' at the 
                end; and
                    (B) by striking subparagraph (B) and inserting the 
                following:
                    ``(B) economic developments and prospects for the 
                future described in the report required in subsection 
                (b), including a discussion of disparities in 
                employment, income, and wealth across racial and ethnic 
                groups as well as other specific segments of the 
                population; and
                    ``(C) plans, activities, and actions of the Board 
                and the Federal Open Market Committee to minimize and 
                eliminate disparities across racial and ethnic groups 
                with respect to employment, wages, wealth, and access 
                to affordable credit pursuant to section 2C.''; and
            (2) in subsection (b)--
                    (A) by striking ``The Board'' and inserting the 
                following:
            ``(1) In general.--The Board''; and
                    (B) by adding at the end the following:
            ``(2) Trend information.--
                    ``(A) In general.--Each report required under 
                paragraph (1) shall include recent trends in the 
                unemployment rate, labor force participation rate, 
                employment to population ratio, median household 
                income, and change in real earnings.
                    ``(B) Demographic information.--The trends required 
                to be reported under subparagraph (A) shall include--
                            ``(i) a comparison among different 
                        demographic groups, including race, ethnicity, 
                        gender, individuals with dependent children 
                        under the age of 18 (to the extent possible), 
                        educational attainment, age, disability (as 
                        such term is defined in section 3 of the 
                        Americans with Disabilities Act of 1990), and 
                        shall also provide cross-sectional data on the 
                        interaction between these groups and note any 
                        statistically significant findings, to the 
                        extent available; and
                            ``(ii) data disaggregated by ethnic 
                        subgroup, to the extent available.
                    ``(C) Ethnic subgroup defined.--The term `ethnic 
                subgroup' means a social group that--
                            ``(i) has a distinct social, racial, 
                        geographic, national origin, or cultural 
                        identity; and
                            ``(ii) is susceptible to being 
                        disadvantaged.''.
    (b) The Board of Governors of the Federal Reserve System, in 
consultation with the Federal Deposit Insurance Corporation, the Office 
of the Comptroller of the Currency, the National Credit Union 
Administration, and the Bureau of Consumer Financial Protection, shall 
issue a report to Congress containing the plans, activities, and 
actions of the Board of Governors of the Federal Reserve System to 
minimize and eliminate disparities across racial and ethnic groups with 
respect to access to financial products for the purpose of restoration, 
renovations, or repair following a federally-declared disaster.

           TITLE II--DIVERSITY DATA COLLECTION AND REPORTING

      Subtitle A--Diversity and Inclusion Data Accountability and 
                              Transparency

SEC. 211. DISCLOSURES BY REGULATED ENTITIES.

    Section 342(b) of the Dodd-Frank Wall Street Reform and Consumer 
Protection Act (12 U.S.C. 5452(b)) is amended by adding at the end the 
following:
            ``(5) Disclosures by regulated entities.--The Director of 
        each Office shall require entities with 100 employees or 
        greater regulated by the applicable agency to provide such 
        information as may be required to carry out the duties of the 
        Director.''.

   Subtitle B--LGBTQ Business Equal Credit Enforcement and Investment

SEC. 221. SMALL BUSINESS LOAN DATA COLLECTION.

    (a) In General.--Section 704B of the Equal Credit Opportunity Act 
(15 U.S.C. 1691c-2) is amended--
            (1) by inserting ``LGBTQ-owned,'' after ``minority-owned,'' 
        each place such term appears;
            (2) in subsection (e)(2)(G), by inserting ``, sexual 
        orientation, gender identity'' after ``sex''; and
            (3) in subsection (h), by adding at the end the following:
            ``(7) LGBTQ-owned business.--The term `LGBTQ-owned 
        business' means a business--
                    ``(A) more than 50 percent of the ownership or 
                control of which is held by 1 or more individuals self-
                identifying as lesbian, gay, bisexual, transgender, or 
                queer; and
                    ``(B) more than 50 percent of the net profit or 
                loss of which accrues to 1 or more individuals self-
                identifying as lesbian, gay, bisexual, transgender, or 
                queer.''.
    (b) Sense of Congress.--It is the sense of the Congress that the 
term ``sex'', as used within the Equal Credit Opportunity Act, includes 
an individual's sexual orientation and gender identity, and that this 
section, in part, clarifies that the sex, sexual orientation, and 
gender identity of the principal owners of a business should be 
collected under section 704B of the Equal Credit Opportunity Act as 
three separate forms of information.

                TITLE III--ACCESS TO HOUSING AND LENDING

      Subtitle A--Improving Language Access in Mortgage Servicing

SEC. 311. FINDINGS.

    The Congress finds the following:
            (1) Housing is the largest portion of most household 
        budgets in the United States and therefore a foundational 
        component of financial access and opportunity.
            (2) Due in part to a legacy of discrimination in the United 
        States, people of color are disproportionately experiencing 
        homelessness, are disproportionately renting, and 
        disproportionately paying unaffordable rents, which acts as a 
        barrier to homeownership.
            (3) Access to fair and affordable housing, both rental and 
        homeownership opportunities, is critical to upward economic 
        mobility. This includes addressing language barriers in 
        mortgage servicing to ensure borrowers have culturally 
        sensitive, in-language access to critical lending information, 
        can enter into fair and sustainable homeownership, and preserve 
        their home equity.

SEC. 312. LANGUAGE ACCESS REQUIREMENTS AND RESOURCES.

    (a) In General.--Chapter 2 of title I of the Truth in Lending Act 
(15 U.S.C. 1631 et seq.) is amended by inserting after section 129H the 
following:
``Sec. 129I. Language access requirements.
    ``(a) Standard Language Preference Form.--Not later than 90 days 
after the date of the enactment of this section, the Director of the 
Bureau of Consumer Financial Protection shall, after consulting with 
the Secretary of Agriculture, the Director of the Federal Housing 
Finance Agency, the Secretary of Veterans Affairs, and the Commissioner 
of the Federal Housing Authority, issue a rule establishing a standard 
language preference form that includes a standard language preference 
question asked in each of the 8 languages most commonly spoken by 
individuals with limited English proficiency, as determined by the 
Director of the Bureau using information published by the Director of 
the Bureau of the Census.
    ``(b) Requirements for Creditors.--
            ``(1) Use of standard language preference form by 
        creditors.--
                    ``(A) Inclusion in application.--Each creditor 
                shall include, as part of the application package used 
                in connection with a residential mortgage loan, the 
                standard language preference form established by the 
                Director of the Bureau under subsection (a).
                    ``(B) Inclusion of disclosure.--Each creditor may 
                include with such standard language preference form a 
                disclosure stating that--
                            ``(i) documents and services may not be 
                        available in the preferred language indicated 
                        by the consumer on the standard language 
                        preference form; and
                            ``(ii) the English version of any document 
                        to which such form applies is the official and 
                        operative document and the translated version 
                        is for informational purposes only.
                    ``(C) Documentation and transfer of preferred 
                language information.--If a creditor receives 
                information about a language preference of a consumer 
                through the standard language preference form from 
                another creditor or a servicer or a borrower, such 
                creditor shall document this language preference in 
                each file and electronic file of information associated 
                with such consumer and shall transfer such information 
                and the standard language preference form to any 
                servicer of the loan.
            ``(2) Provision of translated documents.--If a Federal 
        agency or a State or local agency in the State or locality in 
        which the residential property is located has produced a 
        translation of a document used in association with the 
        origination of a residential mortgage loan in the preferred 
        language of a consumer documented by a creditor pursuant to 
        paragraph (1)(C), such creditor shall--
                    ``(A) provide such translated document in addition 
                to any English version of such document that is 
                provided to such consumer who indicated such preferred 
                language; and
                    ``(B) include in the English and translated 
                versions--
                            ``(i) a notice indicating that the English 
                        version of such document is the official and 
                        operative document and the translated version 
                        is for informational purposes only;
                            ``(ii) the website established under 
                        paragraph (6); and
                            ``(iii) a notice of any available oral 
                        interpretation services described in paragraph 
                        (3).
            ``(3) Oral interpretation services.--
                    ``(A) In general.--If a creditor receives 
                information about a language preference of a consumer 
                through the standard language preference form from 
                another creditor or a servicer or a borrower, such 
                creditor shall provide oral interpretation to such 
                consumer.
                    ``(B) Creditor-provided oral interpretation 
                services.--If a creditor is required under subparagraph 
                (A) to provide oral interpretation to a consumer, such 
                creditor--
                            ``(i) shall ensure qualified oral 
                        interpretation services, as defined by the 
                        Director of the Bureau, are made available in 
                        the preferred language of the borrower for all 
                        oral communications between the creditor and 
                        the borrower; and
                            ``(ii) may provide such services through 
                        qualified staff of the creditor or a third 
                        party.
                    ``(C) American sign language interpretation 
                services.--If a creditor is required under subparagraph 
                (A) to provide oral interpretation services to a 
                consumer, and if such consumer has indicated a 
                preference for American Sign Language, such creditor 
                shall ensure qualified American Sign Language 
                interpretation services, as defined by the Director of 
                the Bureau, are made available to the consumer for all 
                oral communications between such creditor and the 
                consumer, where such American Sign Language 
                interpretation services may be provided by qualified 
                staff of the creditor or a qualified third party.
            ``(4) Notice of available language services.--If a creditor 
        receives information about a language preference of a consumer 
        through the standard language preference form from another 
        creditor or a servicer or a borrower, such creditor shall not 
        later than 30 business days after receiving such information 
        and not less than 14 days before any closing, notify such 
        consumer in writing, in the preferred language of the consumer, 
        of any language services available, including the services 
        described in paragraphs (2) and (3).
            ``(5) Transfer of language preference information.--If a 
        creditor transfers the servicing associated with a residential 
        mortgage loan, such creditor shall notify the transferee 
        servicer at the time of transfer of any known language 
        preference of the consumer associated with such residential 
        mortgage loan.
            ``(6) Information on website.--Each creditor shall publish 
        on the website of the creditor--
                    ``(A) links to and explanatory information about 
                the websites maintained by the Secretary of Housing and 
                Urban Development and the Director of the Bureau of 
                Consumer Financial Protection that identify housing 
                counselors approved by the Department of Housing and 
                Urban Development; and
                    ``(B) a link to and explanatory information about 
                the language resources website established by the 
                Director of the Bureau of Consumer Financial 
                Protection, the Secretary of Housing and Urban 
                Development, the Director of the Federal Housing 
                Finance Agency, the Secretary of Agriculture, and the 
                Secretary of Veterans Affairs under section 312(f) of 
                the Financial Services Racial Equity, Inclusion, and 
                Economic Justice Act.
    ``(c) Translation of Mortgage Documents.--With respect to each 
document published by the Federal Housing Finance Agency, the Bureau of 
Consumer Financial Protection, the Department of Housing and Urban 
Development, the Department of Veterans Affairs, and the Department of 
Agriculture and used in association with a residential mortgage loan, 
including origination and servicing documents, the Director of the 
Bureau of Consumer Financial Protection and the Director of the Federal 
Housing Finance Agency shall jointly--
            ``(1) not later than 180 days after the date of the 
        enactment of this section, publish versions of such documents 
        translated into each of the 8 languages most commonly spoken by 
        individuals with limited English proficiency, as determined by 
        the Director of the Bureau of Consumer Financial Protection 
        using information published by the Director of the Bureau of 
        the Census; and
            ``(2) not later than 3 years after the date of the 
        enactment of this section, publish versions of such documents 
        translated into at least 4 additional languages spoken by 
        individuals with limited English proficiency that are 
        regionally prevalent in the United States, as determined by the 
        Director of the Bureau of Consumer Financial Protection using 
        information published by the Director of the Bureau of the 
        Census.
    ``(d) Rulemaking.--The Director of the Bureau of Consumer Financial 
Protection shall, not later than 1 year after the date of the enactment 
of this section, issue regulations to implement this section that shall 
take effect not later than 18 months after the date of the enactment of 
this section.''.
    (b) Requirements for Servicers.--Section 6 of the Real Estate 
Settlement Procedures Act of 1974 is amended by adding at the end the 
following:
    ``(n) Language Access Requirements.--
            ``(1) In general.--
                    ``(A) Inclusion in notices.--Each servicer shall 
                include the standard language preference form 
                established by the Director of the Bureau under 
                subsection (a) with--
                            ``(i) any notice required under section 
                        1024.39(b) of title 12, Code of Federal 
                        Regulations;
                            ``(ii) any notice required under section 
                        5(c);
                            ``(iii) any notice required under section 
                        1024.41(b)(2) of title 12, Code of Federal 
                        Regulations;
                            ``(iv) any notice required under section 
                        1024.41(c)(2)(iii) of title 12, Code of Federal 
                        Regulations; and
                            ``(v) any other additional notice as the 
                        Director of the Bureau of Consumer Financial 
                        Protection determines necessary.
                    ``(B) Inclusion of disclosures.--A servicer may 
                include with the standard language preference form a 
                disclosure stating that documents and services may not 
                be available in the preferred language of the borrower 
                indicated by the consumer on the standard language 
                preference form.
                    ``(C) Documentation and transfer of preferred 
                language information.--If a servicer receives 
                information about a language preference of a borrower 
                through the standard language preference form from 
                another servicer or creditor or from the borrower, such 
                servicer shall document this language preference in 
                each file or electronic file of information associated 
                with such borrower.
            ``(2) Required language services for servicers.--
                    ``(A) Provision of translated documents.--If a 
                Federal agency, or a State or local agency in the State 
                or locality in which the property securing the 
                federally related mortgage loan is to be located has 
                produced a translation of a document used in 
                association with the servicing of a federally related 
                mortgage loan in the preferred language of a borrower 
                as documented by the servicer pursuant to paragraph 
                (1)(C), the servicer shall--
                            ``(i) provide such translated document in 
                        addition to any English version of such 
                        document that is provided to such borrower; and
                            ``(ii) include a notice on the English and 
                        translated versions, in the preferred language 
                        of the borrower, indicating that the English 
                        version is the official and operative document 
                        and the translated version is for informational 
                        purposes only.
                    ``(B) Oral interpretation services.--
                            ``(i) In general.--If a servicer receives 
                        information about a language preference of a 
                        borrower through the standard language 
                        preference form from another creditor or a 
                        servicer or from the borrower, such servicer 
                        shall provide oral interpretation to such 
                        borrower.
                            ``(ii) Oral interpretation services.--If a 
                        servicer is required under subparagraph (A) to 
                        provide oral interpretation services to a 
                        borrower, such servicer--
                                    ``(I) shall ensure qualified oral 
                                interpretation services, as defined by 
                                the Director of the Bureau, are made 
                                available in the preferred language of 
                                the borrower for all oral 
                                communications between the servicer and 
                                the borrower; and
                                    ``(II) may provide such services 
                                through qualified staff of the borrower 
                                or a qualified third party.
            ``(3) Notice of available language services.--If a servicer 
        receives information about a language preference of a borrower 
        through the standard language preference form from another 
        creditor or a servicer or from the borrower, such servicer 
        shall, not later than 30 business days after receiving such 
        information and not less than 30 days before any foreclosure 
        sale of the property secured by the federally related mortgage 
        loan of the borrower, notify such borrower in writing, in the 
        preferred language of the borrower, of any language services 
        available, including the services required under paragraph (2).
            ``(4) Transfer of language preference information.--If a 
        servicer transfers the servicing associated with a federally 
        related mortgage loan, such servicer shall notify the 
        transferee servicer at the time of the transfer of servicing of 
        any known language preference of the borrower associated with 
        such federally related mortgage loan.
            ``(5) Standard language preference form defined.--The term 
        `standard language preference form' means the standard language 
        preference form established by the Director of the Bureau under 
        section 129I of the Truth in Lending Act.
            ``(6) Information on website.--Each servicer shall publish 
        on its website, in a clear and conspicuous manner--
                    ``(A) links to and information about the websites 
                maintained by the Secretary of Housing and Urban 
                Development and the Director of the Bureau of Consumer 
                Financial Protection that identify housing counselors 
                approved by the Department of Housing and Urban 
                Development; and
                    ``(B) a link to and information about the language 
                resources website established by the Director of the 
                Bureau of Consumer Financial Protection, the Secretary 
                of Housing and Urban Development, the Director of the 
                Federal Housing Finance Agency, the Secretary of 
                Agriculture, and the Secretary of Veterans Affairs 
                under section 312(f) of the Financial Services Racial 
                Equity, Inclusion, and Economic Justice Act.
            ``(7) Translation of mortgage documents.--With respect to 
        each document published by the Federal Housing Finance Agency 
        and the Bureau of Consumer Financial Protection, and used in 
        association with a federally related mortgage loan, including 
        origination and servicing documents, the Director of the Bureau 
        of Consumer Financial Protection and the Director of the 
        Federal Housing Finance Agency shall, jointly--
                    ``(A) not later than 180 days after the date of the 
                enactment of this section, publish versions of such 
                documents translated into each of the 8 languages most 
                commonly spoken by individuals with limited English 
                proficiency, as determined by the Director of the 
                Bureau of Consumer Financial Protection using 
                information published by the Director of the Bureau of 
                the Census; and
                    ``(B) not later than 3 years after the date of the 
                enactment of this section, publish versions of such 
                documents translated into at least 4 additional 
                languages spoken by individuals with limited English 
                proficiency that are regionally prevalent in the United 
                States, as determined by the Director of the Bureau of 
                Consumer Financial Protection using information 
                published by the Director of the Bureau of the Census.
            ``(8) Rulemaking.--The Director of the Bureau of Consumer 
        Financial Protection shall issue regulations to implement this 
        subsection. A final rule shall be issued by the Director not 
        later than 12 months after the date of enactment of this 
        subsection, and the effective date shall be not later than 18 
        months after the date of enactment of this subsection.''.
    (c) Clerical Amendment.--The table of sections in chapter 2 of the 
Truth in Lending Act (15 U.S.C. 1631 et seq) is amended by inserting 
after the item relating to section 129H the following:

``129I. Preferred language requirements.''.
    (d) Report.--Not later than 1 year after the date of the enactment 
of this section, and each year thereafter, the Director of the Bureau 
of Consumer Financial Protection, the Secretary of Housing and Urban 
Development, the Director of the Federal Housing Finance Agency, the 
Secretary of Agriculture, and the Secretary of Veterans Affairs shall 
submit a report to the Congress that contains--
            (1) regulatory recommendations to enhance mortgage 
        origination and servicing processes for persons with a 
        preferred language that is not English;
            (2) a description of any legislative changes needed to 
        provide authority necessary to implement the regulatory 
        recommendations; and
            (3) a description of any progress on the implementation of 
        any legislative or regulatory recommendation made in a previous 
        report.
    (e) Community Financial Institutions Report.--Not later than 2 
years after the date of the enactment of this Act, the Comptroller 
General of the United States shall study and report to Congress on the 
effects of the implementation of this section and the amendments made 
by this section on insured depository institutions with less than 
$10,000,000,000 in total assets, and the communities they serve, along 
with any regulatory or legislative recommendations to advance the 
purposes of this section.
    (f) Language Resource Website.--
            (1) In general.--The Director of the Bureau of Consumer 
        Financial Protection, the Secretary of Housing and Urban 
        Development, the Director of the Federal Housing Finance 
        Agency, the Secretary of Agriculture, and the Secretary of 
        Veterans Affairs shall jointly not later than 1 year after the 
        date of the enactment of this section establish and maintain a 
        website that provides language resources for creditors, 
        servicers, and consumers.
            (2) Website requirements.--The website developed pursuant 
        to paragraph (1) shall include--
                    (A) the translations of documents published 
                pursuant to section 129I(c) of the Truth in Lending Act 
                and section 6(n)(7) of the Real Estate Settlement 
                Procedures Act of 1974;
                    (B) a glossary of terms relating to residential 
                mortgage loans and federally related mortgage loans, 
                provided in each commonly spoken language;
                    (C) guidance for creditors and servicers working 
                with persons who have a preferred language that is not 
                English; and
                    (D) examples of notices that may be used by 
                creditors and servicers to inform persons of available 
                language services, provided in accordance with section 
                6(n)(2) of the Real Estate Settlement Procedures Act of 
                1974 and section 129I of the Truth in Lending Act.
    (g) Advisory Group.--
            (1) In general.--The Director of the Bureau of Consumer 
        Financial Protection shall establish an advisory group 
        consisting of stakeholders, including industry groups, consumer 
        groups, civil rights groups, and groups that have experience 
        improving language access in housing finance transactions, to 
        provide advice to the Director about--
                    (A) issues that arise relating to mortgage 
                origination and servicing processes for persons with a 
                preferred language that is not English;
                    (B) the development of the standard language 
                preference form by the Director under section 129I(a) 
                of the Truth in Lending Act; and
                    (C) updates to the language resource website 
                established by the Director, the Secretary of Housing 
                and Urban Development, the Director of the Federal 
                Housing Finance Agency, the Secretary of Agriculture, 
                and the Secretary of Veterans Affairs under subsection 
                (f).
            (2) Required consulting.--The Director of the Bureau of 
        Consumer Financial Protection shall consult with the advisory 
        group established pursuant to paragraph (1) with respect to any 
        issues that arise relating to mortgage origination and 
        servicing processes for persons with a preferred language that 
        is not English.
    (h) Housing Counseling Agency Language Resources.--
            (1) Enhanced search capabilities.--Not later than 1 year 
        after the date of the enactment of this section--
                    (A) the Secretary shall update the website 
                maintained by the Secretary that identifies housing 
                counselors approved by the Department of Housing and 
                Urban Development, to allow for searching for housing 
                counseling agencies based on provided language 
                services; and
                    (B) the Director shall update the website 
                maintained by the Director that identifies housing 
                counselors approved by the Secretary to allow for 
                searching for housing counseling agencies based on 
                provided language services.
            (2) Authorization of appropriations.--There is authorized 
        to be appropriated to the Secretary of Housing and Urban 
        Development, such sums as are necessary to support language 
        training for housing counselors, housing counseling agencies, 
        and staff that are approved by the Secretary.
    (i) Definitions.--In this section:
            (1) Creditor.--The term ``creditor'' has the meaning given 
        the term in section 103 of the Truth in Lending Act and shall 
        include any assignee of a creditor.
            (2) Director.--The term ``Director'' means the Director of 
        the Bureau of Consumer Financial Protection.
            (3) Secretary.--The term ``Secretary'' means the Secretary 
        of Housing and Urban Development.
            (4) Servicer.--The term ``servicer'' has the meaning given 
        the term in section 6(i) of the Real Estate Settlement 
        Procedures Act of 1974.
            (5) Residential mortgage loan.--The term ``residential 
        mortgage loan'' has the meaning given the term in section 103 
        of the Truth in Lending Act.
            (6) Federally related mortgage loan.--The term ``federally 
        related mortgage loan'' has the meaning given the term in 
        section 3 of the Real Estate Settlement Procedures Act of 1974.

                    Subtitle B--Fair Lending for All

SEC. 321. OFFICE OF FAIR LENDING TESTING.

    (a) Establishment.--There is established within the Bureau of 
Consumer Financial Protection an Office of Fair Lending Testing 
(hereinafter referred to as the ``Office'').
    (b) Director.--The head of the Office shall be a Director, who 
shall--
            (1) be appointed to a 5-year term by, and report to, the 
        Director of the Bureau of Consumer Financial Protection;
            (2) appoint and fix the compensation of such employees as 
        are necessary to carry out the duties of the Office under this 
        section; and
            (3) provide an estimated annual budget to the Director of 
        the Bureau of Consumer Financial Protection.
    (c) Civil Service Position.--The position of the Director shall be 
a career position within the civil service.
    (d) Testing.--
            (1) In general.--The Office, in consultation with the 
        Attorney General and the Secretary of Housing and Urban 
        Development, shall conduct testing of compliance with the Equal 
        Credit Opportunity Act by creditors, through the use of 
        individuals who, without any bona fide intent to receive a 
        loan, pose as prospective borrowers for the purpose of 
        gathering information.
            (2) Referral of violations.--If, in carrying out the 
        testing described under paragraph (1), the Office believes a 
        person has violated the Equal Credit Opportunity Act, the 
        Office shall refer such violation in writing to the Attorney 
        General for appropriate action.
    (e) Report to Congress.--Section 707 of the Equal Credit 
Opportunity Act (15 U.S.C. 1691f) is amended by adding at the end the 
following: ``In addition, each report of the Bureau shall include an 
analysis of the testing carried out pursuant to section 321 of the 
Financial Services Racial Equity, Inclusion, and Economic Justice Act, 
and each report of the Bureau and the Attorney General shall include a 
summary of criminal enforcement actions taken under section 706A.''.

SEC. 322. PROHIBITION ON CREDIT DISCRIMINATION.

    (a) In General.--Subsection (a) of section 701 of the Equal Credit 
Opportunity Act (15 U.S.C. 1691) is amended to read as follows:
    ``(a) It shall be unlawful to discriminate against any person, with 
respect to any aspect of a credit transaction--
            ``(1) on the basis of race, color, religion, national 
        origin, sex (including sexual orientation and gender identity), 
        marital status, age (provided the applicant has the capacity to 
        contract), or disability (as such term is defined in section 3 
        of the Americans with Disabilities Act of 1990);
            ``(2) on the basis of the person's zip code, or census 
        tract;
            ``(3) because all or part of the person's income derives 
        from any public assistance program; or
            ``(4) because the person has in good faith exercised any 
        right under the Consumer Credit Protection Act.''.
    (b) Removal of Certain References to Creditors and Applicants and 
Definition Added.--The Equal Credit Opportunity Act (15 U.S.C. 1691 et 
seq.) is amended--
            (1) in section 701(b)--
                    (A) by striking ``applicant'' each place such term 
                appears and inserting ``person''; and
                    (B) in paragraph (2), by striking ``applicant's'' 
                each place such term appears and inserting 
                ``person's'';
            (2) in section 702--
                    (A) by redesignating subsection (g) as subsection 
                (h); and
                    (B) by inserting after subsection (f) the 
                following:
    ``(g) The term `aggrieved person' includes any person who--
            ``(1) claims to have been injured by a discriminatory 
        credit practice; or
            ``(2) believes that such person will be injured by a 
        discriminatory credit practice.'';
            (3) in section 704A--
                    (A) in subsection (b)(1), by striking ``applicant'' 
                each place such term appears and inserting ``aggrieved 
                person''; and
                    (B) in subsection (c), by striking ``applicant'' 
                and inserting ``aggrieved person'';
            (4) in section 705--
                    (A) by striking ``the applicant'' each place such 
                term appears and inserting ``persons''; and
                    (B) in subsection (a)--
                            (i) by striking ``a creditor to take'' and 
                        inserting ``taking''; and
                            (ii) by striking ``applicant'' and 
                        inserting ``person''; and
            (5) in section 706--
                    (A) by striking ``creditor'' each place such term 
                appears and inserting ``person'';
                    (B) by striking ``creditor's'' each place such term 
                appears and inserting ``person's'';
                    (C) by striking ``creditors'' each place such term 
                appears and inserting ``persons''; and
                    (D) in subsection (f), by striking ``applicant'' 
                and inserting ``aggrieved person''.
    (c) ECOA Definitions.--Section 702 of the Equal Credit Opportunity 
Act (15 U.S.C. 1691a), as amended by subsection (b), is further amended 
by adding at the end the following:
    ``(h) The term `gender identity' means the gender-related identity, 
appearance, mannerisms, or other gender-related characteristics of an 
individual, regardless of the individual's designated sex at birth.
    ``(i) The term `sex' includes--
            ``(1) a sex stereotype;
            ``(2) pregnancy, childbirth, or a related medical 
        condition;
            ``(3) sexual orientation or gender identity; and
            ``(4) sex characteristics, including intersex traits.
    ``(j) The term `sexual orientation' means homosexuality, 
heterosexuality, or bisexuality.
    ``(k) The term `race', `color', `religion', `national origin', 
`sex' (including `sexual orientation' and `gender identity'), `marital 
status', or `age', used with respect to an individual, includes--
            ``(1) the race, color, religion, national origin, sex 
        (including sexual orientation and gender identity), marital 
        status, or age, respectively, of another person with whom the 
        individual is associated or has been associated; and
            ``(2) a perception or belief, even if inaccurate, 
        concerning the race, color, religion, national origin, sex 
        (including sexual orientation and gender identity), marital 
        status, or age, respectively, of the individual.''.
    (d) Rules of Construction.--Section 701 of the Equal Credit 
Opportunity Act (15 U.S.C. 1691) is amended by adding at the end the 
following:
    ``(f) Rules of Construction.--
            ``(1) Claims and remedies not precluded.--Nothing in this 
        title shall be construed to limit the claims or remedies 
        available to any individual for an unlawful practice on the 
        basis of race, color, religion, sex (including sexual 
        orientation and gender identity), or national origin, including 
        claims brought pursuant to section 1979 or 1980 of the Revised 
        Statutes (42 U.S.C. 1983, 1985) or any other law, including a 
        Federal law, regulation, or policy.
            ``(2) No negative inference.--Nothing in this title shall 
        be construed to support any inference that any Federal law 
        prohibiting a practice on the basis of sex does not prohibit 
        discrimination on the basis of pregnancy, childbirth, or a 
        related medical condition, sexual orientation, gender identity, 
        or a sex stereotype.''.

SEC. 323. CRIMINAL PENALTIES FOR VIOLATIONS OF THE EQUAL CREDIT 
              OPPORTUNITY ACT.

    (a) In General.--The Equal Credit Opportunity Act (15 U.S.C. 1691 
et seq.) is amended by inserting after section 706 the following:
``Sec. 706A. Criminal penalties
    ``(a) Individual Violations.--Any person who knowingly and 
willfully violates this title shall be fined not more than $50,000, or 
imprisoned not more than 1 year, or both.
    ``(b) Pattern or Practice.--
            ``(1) In general.--Any person who engages in a pattern or 
        practice of knowingly and willfully violating this title shall 
        be fined not more than $100,000 for each violation of this 
        title, or imprisoned not more than twenty years, or both.
            ``(2) Personal liability of executive officers and 
        directors of the board.--Any executive officer or director of 
        the board of an entity who knowingly and willfully causes the 
        entity to engage in a pattern or practice of knowingly and 
        willfully violating this title (or who directs another agent, 
        senior officer, or director of the entity to commit such a 
        violation or engage in such acts that result in the director or 
        officer being personally unjustly enriched) shall be--
                    ``(A) fined in an amount not to exceed 100 percent 
                of the compensation (including stock options awarded as 
                compensation) received by such officer or director from 
                the entity--
                            ``(i) during the time period in which the 
                        violations occurred; or
                            ``(ii) in the one to three year time period 
                        preceding the date on which the violations were 
                        discovered; and
                    ``(B) imprisoned for not more than 5 years.''.
    (b) Clerical Amendment.--The table of contents for the Equal Credit 
Opportunity Act (15 U.S.C. 1691 et seq.) is amended by inserting after 
the item relating to section 706 the following:

``706A. Criminal penalties.''.

SEC. 324. REVIEW OF LOAN APPLICATIONS.

    (a) In General.--Subtitle C of the Consumer Financial Protection 
Act of 2010 (12 U.S.C. 5531 et seq.) is amended by adding at the end 
the following:

``SEC. 1038. REVIEW OF LOAN APPLICATIONS.

    ``(a) In General.--The Bureau shall carry out reviews of loan 
applications and the process of taking loan applications being used by 
covered persons to ensure such applications and processes do not 
violate the Equal Credit Opportunity Act or any other Federal consumer 
financial law.
    ``(b) Prohibition and Enforcement.--If the Bureau determines under 
subsection (a) that any loan application or process of taking a loan 
application violates the Equal Credit Opportunity Act or any other 
Federal consumer financial law, the Bureau shall--
            ``(1) prohibit the covered person from using such 
        application or process; and
            ``(2) take such enforcement or other actions with respect 
        to the covered person as the Bureau determines appropriate.''.
    (b) Clerical Amendment.--The table of contents in section 1 of the 
Dodd-Frank Wall Street Reform and Consumer Protection Act is amended by 
inserting after the item relating to section 1037 the following:

``Sec. 1038. Review of loan applications.''.

SEC. 325. MORTGAGE DATA COLLECTION.

    (a) In General.--Section 304(b)(4) of the Home Mortgage Disclosure 
Act of 1975 (12 U.S.C. 2803(b)(4)) is amended by striking ``census 
tract, income level, racial characteristics, age, and gender'' and 
inserting ``the applicant or borrower's zip code, census tract, income 
level, race, color, religion, national origin, sex, marital status, 
sexual orientation, gender identity, disability status, veteran status, 
and age''.
    (b) Protection of Privacy Interests.--Section 304(h)(3)(A) of the 
Home Mortgage Disclosure Act of 1975 (12 U.S.C. 2803(h)(3)(A)) is 
amended--
            (1) in clause (i), by striking ``and'' at the end;
            (2) by redesignating clause (ii) as clause (iii); and
            (3) by inserting after clause (i) the following:
                            ``(ii) zip code, census tract, and any 
                        other category of data described in subsection 
                        (b)(4), as the Bureau determines to be 
                        necessary to satisfy the purpose described in 
                        paragraph (1)(E), and in a manner consistent 
                        with that purpose; and''.

   Subtitle C--Promoting and Advancing Communities of Color Through 
                           Inclusive Lending

SEC. 331. STRENGTHENING DIVERSE AND MISSION-DRIVEN COMMUNITY FINANCIAL 
              INSTITUTIONS.

    (a) Minority Lending Institution Set-aside in Providing 
Assistance.--
            (1) In general.--Section 108 of the Riegle Community 
        Development and Regulatory Improvement Act of 1994 (12 U.S.C. 
        4707) is amended by adding at the end the following:
    ``(i) Supporting Minority Institutions.--Notwithstanding any other 
provision of law, in providing any assistance to community development 
financial institutions, the Fund shall reserve 40 percent of such 
assistance for minority lending institutions.''.
            (2) Definitions.--Section 103 of the Riegle Community 
        Development and Regulatory Improvement Act of 1994 (12 U.S.C. 
        4702) is amended by adding at the end the following:
            ``(22) Minority lending institution.--The term `minority 
        lending institution' has the meaning given that term under 
        section 523(c) of division N of the Consolidated Appropriations 
        Act, 2021.''.
    (b) Office of Minority Lending Institutions.--Section 104 of the 
Riegle Community Development and Regulatory Improvement Act of 1994 (12 
U.S.C. 4703) is amended by adding at the end the following:
    ``(l) CDFI Office of Minority Lending Institutions.--There is 
established within the Fund an Office of Minority Lending Institutions, 
which shall oversee assistance provided by the Fund to minority lending 
institutions.''.
    (c) Reporting on Minority Lending Institutions.--Section 117 of the 
Riegle Community Development and Regulatory Improvement Act of 1994 (12 
U.S.C. 4716) is amended by adding at the end the following:
    ``(g) Reporting on Minority Lending Institutions.--Each report 
required under subsection (a) shall include a description of the extent 
to which assistance from the Fund are provided to minority lending 
institutions.''.
    (d) Submission of Demographic Data Relating to Diversity by 
Community Development Financial Institutions.--Section 104 of the 
Riegle Community Development and Regulatory Improvement Act of 1994 (12 
U.S.C. 4703), as amended by subsection (b), is further amended by 
adding at the end the following:
    ``(m) Submission of Demographic Data Relating to Diversity.--
            ``(1) Definitions.--In this subsection--
                    ``(A) the term `executive officer' has the meaning 
                given the term in section 230.501(f) of title 17, Code 
                of Federal Regulations, as in effect on the date of 
                enactment of this subsection;
                    ``(B) the term `gender identity' means the gender-
                related identity, appearance, mannerisms, or other 
                gender-related characteristics of an individual, 
                regardless of the individual's designated sex at birth;
                    ``(C) the term `sexual orientation' means 
                homosexuality, heterosexuality, or bisexuality; and
                    ``(D) the term `veteran' has the meaning given the 
                term in section 101 of title 38, United States Code.
            ``(2) Submission of disclosure.--Each Fund applicant and 
        recipient shall provide data regarding such factors as may be 
        determined by the Fund, which may include the following:
                    ``(A) Demographic data, based on voluntary self-
                identification, on the racial, ethnic, gender identity, 
                and sexual orientation composition of--
                            ``(i) the board of directors of the 
                        institution; and
                            ``(ii) the executive officers of the 
                        institution.
                    ``(B) The status of any member of the board of 
                directors of the institution, any nominee for the board 
                of directors of the institution, or any executive 
                officer of the institution, based on voluntary self-
                identification, as a veteran.
                    ``(C) Whether the board of directors of the 
                institution, or any committee of that board of 
                directors, has, as of the date on which the institution 
                makes a disclosure under this paragraph, adopted any 
                policy, plan, or strategy to promote racial, ethnic, 
                and gender diversity among--
                            ``(i) the board of directors of the 
                        institution;
                            ``(ii) nominees for the board of directors 
                        of the institution; or
                            ``(iii) the executive officers of the 
                        institution.
            ``(3) Report to congress.--Not later than 24 months after 
        the date of enactment of this subsection, and every other year 
        thereafter, the Fund shall submit to the Committee on Banking, 
        Housing, and Urban Affairs of the Senate and the Committee on 
        Financial Services of the House of Representatives, and make 
        publicly available on the website of the Fund, a report--
                    ``(A) on the demographic data and trends of the 
                diversity information made available pursuant to 
                paragraph (2), including breakdowns by each State 
                (including the District of Columbia and each territory 
                of the United States) and Tribal government entity; and
                    ``(B) containing any administrative or legislative 
                recommendations of the Fund to enhance the 
                implementation of this title or to promote diversity 
                and inclusion within community development financial 
                institutions.''.
    (e) Office of Diverse and Mission-Driven Community Financial 
Institutions.--
            (1) Establishment.--There is established within the 
        Department of the Treasury the Office of Diverse and Mission-
        Driven Community Financial Institutions.
            (2) Leadership.--The Office of Diverse and Mission-Driven 
        Community Financial Institutions shall be led by a Deputy 
        Assistant Secretary for Diverse and Mission-Driven Community 
        Financial Institutions, who shall be appointed by the Secretary 
        of the Treasury, in consultation with the Department of the 
        Treasury's Director of Office of Minority and Women Inclusion.
            (3) Functions.--The Office of Diverse and Mission-Driven 
        Community Financial Institutions, pursuant to the direction of 
        the Secretary, shall seek to provide support for diverse and 
        mission-driven community financial institutions and have the 
        authority--
                    (A) to monitor and issue reports regarding--
                            (i) community development financial 
                        institutions, minority depository institutions, 
                        and minority lending institutions; and
                            (ii) the role such institutions play in the 
                        financial system of the United States, 
                        including the impact they have on providing 
                        financial access to low- and moderate-income 
                        communities, communities of color, and other 
                        underserved communities;
                    (B) to serve as a resource and Federal liaison for 
                current and prospective community development financial 
                institutions, minority depository institutions, and 
                minority lending institutions seeking to engage with 
                the Department of the Treasury, the Community 
                Development Financial Institutions Fund (``CDFI 
                Fund''), other Federal government agencies, including 
                by providing contact information for other offices of 
                the Department of the Treasury or other Federal 
                Government agencies, resources, technical assistance, 
                or other support for entities wishing--
                            (i) to become certified as a community 
                        development financial institution, and maintain 
                        the certification;
                            (ii) to obtain a banking charter, deposit 
                        insurance, or otherwise carry on banking 
                        activities in a safe, sound, and responsible 
                        manner;
                            (iii) to obtain financial support through 
                        private sector deposits, investments, 
                        partnerships, and other means;
                            (iv) to expand their operations through 
                        internal growth and acquisitions;
                            (v) to develop and upgrade their 
                        technology, cybersecurity resilience, 
                        compliance systems, data reporting systems, and 
                        their capacity to support their communities, 
                        including through partnerships with third-party 
                        companies;
                            (vi) to obtain grants, awards, investments 
                        and other financial support made available 
                        through the CDFI Fund, the Board of Governors 
                        of the Federal Reserve System, the Central 
                        Liquidity Facility, the Federal Home Loan 
                        Banks, and other Federal programs;
                            (vii) to participate as a financial 
                        intermediary with respect to various Federal 
                        and State programs and agencies, including the 
                        State Small Business Credit Initiative and 
                        programs of the Small Business Administration; 
                        and
                            (viii) to participate in Financial Agent 
                        Mentor-Protege Program of the Department of the 
                        Treasury and other Federal programs designed to 
                        support private sector partnerships;
                    (C) to provide resources to the public wishing to 
                learn more about minority depository institutions, 
                community development financial institutions, and 
                minority lending institutions, including helping the 
                Secretary implement the requirements under section 334, 
                publishing reports issued by the Office on the website 
                of the Department of the Treasury and providing 
                hyperlinks to other relevant reports and materials from 
                other Federal agencies;
                    (D) to provide policy recommendations to other 
                relevant Federal agencies and Congress on ways to 
                further strengthen Federal support for community 
                development financial institutions, minority depository 
                institutions, and minority lending institutions;
                    (E) to assist the Secretary in carrying out the 
                Secretary's responsibilities under section 308 of the 
                Financial Institutions Reform, Recovery, and 
                Enforcement Act of 1989 (12 U.S.C. 1463 note) to 
                preserve and promote minority depository institutions 
                in consultation with the Chairman of the Board of 
                Governors of the Federal Reserve System, the 
                Comptroller of the Currency, the Chairman of the 
                National Credit Union Administration, and the 
                Chairperson of the Board of Directors of the Federal 
                Deposit Insurance Corporation;
                    (F) to carry out other duties of the Secretary of 
                the Treasury required by this Act and the amendments 
                made by this Act, and to perform such other duties and 
                authorities as may be assigned by the Secretary.
    (f) Strengthening Federal Efforts and Interagency Coordination to 
Promote Diverse and Mission-driven Community Financial Institutions.--
            (1) Senior officials designated.--The Chairman of the Board 
        of Governors of the Federal Reserve System, the Comptroller of 
        the Currency, the Chairman of the National Credit Union 
        Administration, the Chairperson of the Board of Directors of 
        the Federal Deposit Insurance Corporation, and the Director of 
        the Bureau of Consumer Financial Protection shall each, in 
        consultation with their respective Director of Office of 
        Minority and Women Inclusion, designate a senior official to be 
        their respective agency's officer responsible for promoting 
        minority depository institutions, community development 
        financial institutions, and minority lending institutions, 
        including to fulfill obligations under section 308 of the 
        Financial Institutions Reform, Recovery, and Enforcement Act of 
        1989 (12 U.S.C. 1463 note) to preserve and promote minority 
        depository institutions.
            (2) Interagency working group.--The Department of the 
        Treasury shall regularly convene meetings, no less than once a 
        quarter, of an interagency working group to be known as the 
        ``Interagency Working Group to Promote Diverse and Mission-
        Driven Community Financial Institutions'', which shall consist 
        of the senior officials designated by their respective agencies 
        under paragraph (1), along with the Deputy Assistant Secretary 
        for Diverse and Mission-Driven Community Financial 
        Institutions, the Director of the Community Development 
        Financial Institutions Fund, and such other government 
        officials as the Secretary of the Treasury may choose to 
        invite, to examine and discuss the state of minority depository 
        institutions, community development financial institutions, and 
        minority lending institutions, and actions the relevant 
        agencies can take to preserve, promote, and strengthen these 
        institutions.
            (3) Promoting fair housing and collective ownership 
        opportunities.--
                    (A) Initial report.--Not later than 18 months after 
                the date of the enactment of this subsection, the 
                Secretary of Treasury, jointly with the Secretary of 
                Housing and Urban Development, shall issue a report to 
                the covered agencies and the Congress examining 
                different ways financial institutions, including 
                community development financial institutions, can 
                affirmatively further fair housing and be encouraged 
                and incentivized to carry out activities that expand 
                long-term wealth-building opportunities within low-
                income and minority communities that support collective 
                ownership opportunities, including through investments 
                in worker cooperatives, consumer cooperatives, 
                community land trusts, not-for-profit-led shared equity 
                homeownership, and limited-equity cooperatives, and to 
                provide recommendations to the covered agencies and the 
                Congress in the furtherance of these objectives.
                    (B) Progress updates.--Beginning not later than 
                three years after the date of the enactment of this 
                subsection, and every five years thereafter, the 
                Secretary of the Treasury and the Secretary of Housing 
                and Urban Development shall, after receiving the 
                necessary updates from the covered agencies, issue a 
                report examining the progress made on implementing 
                relevant recommendations, and providing any additional 
                recommendations to the covered agencies and the 
                Congress in furtherance of the objectives under 
                subparagraph (A).
                    (C) Covered agencies.--For purposes of this 
                subsection, the term ``covered agencies'' means the 
                Community Development Financial Institutions Fund, the 
                Department of Housing and Urban Development. the Board 
                of Governors of the Federal Reserve System, the Federal 
                Deposit Insurance Corporation, the Office of the 
                Comptroller of the Currency, the National Credit Union 
                Administration, and the Federal Housing Finance Agency.
            (4) Annual report to congress.--Not later than 1 year after 
        the date of the enactment of this subsection, and annually 
        thereafter, the Secretary of the Treasury, the Chairman of the 
        Board of Governors of the Federal Reserve System, the 
        Comptroller of the Currency, the Chairman of the National 
        Credit Union Administration, the Chairperson of the Board of 
        Directors of the Federal Deposit Insurance Corporation, and the 
        Director of the Bureau of Consumer Financial Protection shall 
        submit a joint report to the Committee on Financial Services of 
        the House of Representatives and the Committee on Banking, 
        Housing, and Urban Affairs of the Senate regarding the work 
        that has been done the prior year to preserve, promote, and 
        strengthen community development financial institutions, 
        minority depository institutions, and minority lending 
        institutions, along with any policy recommendations on actions 
        various government agencies and Congress should take to 
        preserve, promote, and strengthen community development 
        financial institutions, minority depository institutions, and 
        minority lending institutions.

SEC. 332. CAPITAL INVESTMENTS, GRANTS, AND TECHNOLOGY SUPPORT FOR MDIS 
              AND CDFIS.

    (a) Authorization of Appropriation.--There is authorized to be 
appropriated to the Emergency Capital Investment Fund $4,000,000,000. 
Such funds may be used for administrative expenses of the Department of 
the Treasury.
    (b) Conforming Amendments to Allow for Additional Purchases of 
Capital.--Section 104A of the Riegle Community Development and 
Regulatory Improvement Act of 1994 (12 U.S.C. 4703a) is amended--
            (1) in subsection (c), by striking paragraph (2); and
            (2) in subsection (e), by striking paragraph (2).
    (c) Use of Funds for CDFI Financial and Technical Assistance.--
Section 104A of the Riegle Community Development and Regulatory 
Improvement Act of 1994 (12 U.S.C. 4703a) is amended by adding at the 
end the following:
    ``(p) Use of Funds for CDFI Financial and Technical Assistance.--
The Secretary shall transfer no less than $1,000,000,000 in the 
Emergency Capital Investment Fund to the Fund for the purpose of 
providing financial and technical assistance grants to community 
development financial institutions certified by the Secretary. The Fund 
shall provide such grants using a formula that takes into account 
criteria such as certification status, financial and compliance 
performance, portfolio and balance sheet strength, diversity of CDFI 
business model types, and program capacity.''.
    (d) Technology Grants for MDIs and CDFIs.--
            (1) Study and report on certain technology challenges.--
                    (A) Study.--The Secretary of the Treasury shall 
                carry out a study on the technology challenges 
                impacting minority depository institutions and 
                community development financial institutions with 
                respect to--
                            (i) internal technology capabilities and 
                        capacity of the institutions to process loan 
                        applications and otherwise serve current and 
                        potential customers through the internet, 
                        mobile phone applications, and other tools;
                            (ii) technology capabilities and capacity 
                        of the institutions, provided in partnership 
                        with third party companies, to process loan 
                        applications and otherwise serve current and 
                        potential customers through the internet, 
                        mobile phone applications, and other tools;
                            (iii) cybersecurity; and
                            (iv) challenges and solutions related to 
                        algorithmic bias in the deployment of 
                        technology.
                    (B) Report.--Not later than 18 months after the 
                date of the enactment of this subsection, the Secretary 
                shall submit a report to the Committee on Financial 
                Services of the House of Representatives and the 
                Committee on Banking, Housing, and Urban Affairs of the 
                Senate that includes the results of the study required 
                under subparagraph (A).
            (2) Technology grant program.--
                    (A) Program authorized.--The Secretary shall carry 
                out a technology grant program to make grants to 
                minority depository institutions and community 
                development financial institutions to address 
                technology challenges impacting such institutions.
                    (B) Application.--To be eligible to be awarded a 
                grant under this paragraph, a minority depository 
                institution or community development financial 
                institution shall submit an application to the 
                Secretary at such time, in such manner, and containing 
                such information as the Secretary may require.
                    (C) Use of funds.--A minority depository 
                institution or community development financial 
                institution that is awarded a grant under this 
                paragraph may use the grant funds to--
                            (i) enhance or adopt technologies that--
                                    (I) shorten loan approval 
                                processes;
                                    (II) improve customer experience;
                                    (III) provide additional services 
                                to customers;
                                    (IV) facilitate compliance with 
                                applicable laws, regulations, and 
                                program requirements, including testing 
                                to ensure that the use of technology 
                                does not result in discrimination, and 
                                helping to satisfy data reporting 
                                requirements;
                                    (V) help ensure privacy of customer 
                                records and cybersecurity resilience; 
                                and
                                    (VI) reduce the unbanked and 
                                underbanked population; or
                            (ii) carry out such other activities as the 
                        Secretary determines appropriate.
            (3) Funding.--The Secretary may use amounts in the 
        Emergency Capital Investment Fund to implement and make grants 
        under paragraph (2), but not to exceed $250,000,000 in the 
        aggregate.
            (4) Definitions.--In this subsection, the terms ``community 
        development financial institution'' and ``minority depository 
        institution'' have the meaning given those terms, respectively, 
        under section 103 of the Riegle Community Development and 
        Regulatory Improvement Act of 1994 (12 U.S.C. 4702).
    (e) Pilot Program for Establishing De Novo CDFIs and MDIs.--
            (1) In general.--The Secretary of the Treasury, in 
        consultation with the Fund and the appropriate Federal banking 
        agencies, shall establish a pilot program to provide 
        competitive grants to a person for the purpose of providing 
        capital for such person to establish a minority depository 
        institution or a community development financial institution.
            (2) Application.--A person desiring a grant under this 
        subsection shall submit to the Secretary an application in such 
        form and containing such information as the Secretary 
        determines appropriate.
            (3) Disbursement.--Before disbursing grant amounts to a 
        person selected to receive a grant under this subsection, the 
        Secretary shall ensure that such person has received approval 
        from the appropriate Federal banking agency (or such other 
        Federal or State agency from whom approval is required) to 
        establish a minority depository institution or a community 
        development financial institution, as applicable.
            (4) Funding.--The Secretary may use amounts in the 
        Emergency Capital Investment Fund to implement and make grants 
        under paragraph (2), but not to exceed $100,000,000 in the 
        aggregate.
            (5) Definitions.--In this subsection, the terms 
        ``appropriate Federal banking agency'', ``community development 
        financial institution'', ``Fund'', and ``minority depository 
        institution'' have the meaning given those terms, respectively, 
        under section 103 of the Riegle Community Development and 
        Regulatory Improvement Act of 1994 (12 U.S.C. 4702).
    (f) Guidance for Subchapter S and Mutual Banks.--Not later than 30 
days after the date of enactment of this Act, the Board of Governors of 
the Federal Reserve System and the Secretary shall issue guidance 
regarding how Emergency Capital Investment Program investments (whether 
made before or after the date of enactment of this Act) are considered 
for purposes of various prudential requirements, including debt to 
equity, leverage ratio, and double leverage ratio requirements with 
respect to subchapter S and mutual bank recipients of such investments.
    (g) Collection of Data.--Section 111 of the Riegle Community 
Development and Regulatory Improvement Act of 1994 (12 U.S.C. 4710) is 
amended--
            (1) by striking ``The Fund'' and inserting the following:
    ``(a) In General.--The Fund''; and
            (2) by adding at the end the following:
    ``(b) Collection of Certain Data by CDFIs.--Notwithstanding the 
Equal Credit Opportunity Act (15 U.S.C. 1691 et seq.)--
            ``(1) a community development financial institution may 
        collect data described in section 701(a)(1) of that Act (15 
        U.S.C. 1691(a)(1)) from borrowers and applicants for credit for 
        the sole purpose and exclusive use to ensure that targeted 
        populations and low-income residents of investment areas are 
        adequately served and to report the level of service provided 
        to such populations and areas to the Fund; and
            ``(2) a community development financial institution that 
        collects the data described in paragraph (1) shall not be 
        subject to adverse action related to that collection by the 
        Bureau of Consumer Financial Protection or any other Federal 
        agency.''.

SEC. 333. SUPPORTING YOUNG ENTREPRENEURS PROGRAM.

    Section 108 of the Riegle Community Development and Regulatory 
Improvement Act of 1994 (12 U.S.C. 4707), as amended by section 
331(a)(1), is further amended by adding at the end the following:
    ``(j) Supporting Young Entrepreneurs Program.--
            ``(1) In general.--The Fund shall establish a Supporting 
        Young Entrepreneurs Program under which the Fund may provide 
        financial awards to the community development financial 
        institutions that the Fund determines have the best programs to 
        help young entrepreneurs get the start up capital needed to 
        start a small business, with a focus on supporting young women 
        entrepreneurs, entrepreneurs who are Black, Hispanic, Asian or 
        Pacific Islander, and Native American or Native Alaskan and 
        other historically underrepresented groups or first time 
        business owners.
            ``(2) No matching requirement.--The matching requirement 
        under subsection (e) shall not apply to awards made under this 
        subsection.
            ``(3) Funding.--In carrying out this subsection, the Fund 
        may use--
                    ``(A) amounts in the Emergency Capital Investment 
                Fund, but not to exceed $100,000,000 in the aggregate; 
                and
                    ``(B) such other funds as may be appropriated by 
                Congress to the Fund to carry out the Supporting Young 
                Entrepreneurs Program.''.

SEC. 334. MAP OF MINORITY DEPOSITORY INSTITUTIONS AND COMMUNITY 
              DEVELOPMENT FINANCIAL INSTITUTIONS.

    (a) In General.--The Secretary of the Treasury, in consultation 
with the CDFI Fund and the Federal banking agencies, shall establish an 
interactive, searchable map showing the geographic locations of the 
headquarters and branch locations of minority depository institutions, 
which shall be provided by the Federal banking agencies, and community 
development financial institutions that have been certified by the 
Secretary, including breakdowns by each State (including the District 
of Columbia and each territory of the United States), Tribal government 
entity, and congressional district. Such map shall also provide a link 
to the website of each such minority depository institution and 
community development financial institution.
    (b) Definitions.--In this section:
            (1) CDFI fund.--The term ``CDFI Fund'' means the Community 
        Development Financial Institutions Fund established under 
        section 104(a) of the Riegle Community Development and 
        Regulatory Improvement Act of 1994.
            (2) Community development financial institution.--The term 
        ``community development financial institution'' has the meaning 
        given in section 103 of the Riegle Community Development and 
        Regulatory Improvement Act of 1994.
            (3) Federal banking agency.--The term ``Federal banking 
        agency''--
                    (A) has the meaning given in section 3 of the 
                Federal Deposit Insurance Act; and
                    (B) means the National Credit Union Administration.
            (4) Minority depository institution.--The term ``minority 
        depository institution'' has the meaning given in section 
        308(b) of the Financial Institutions Reform, Recovery, and 
        Enforcement Act of 1989.

SEC. 335. REPORT ON CERTIFIED COMMUNITY DEVELOPMENT FINANCIAL 
              INSTITUTIONS.

    Section 117(a) of the Riegle Community Development and Regulatory 
Improvement Act of 1994 (12 U.S.C. 4716(a)) is amended--
            (1) by striking ``The Fund'' and inserting the following:
            ``(1) In general.--The Fund'';
            (2) by striking ``and the Congress'' and inserting ``, the 
        Congress, and the public''; and
            (3) by adding at the end the following:
            ``(2) Report on certified community development financial 
        institutions.--The annual report required under paragraph (1) 
        shall include a report on community development financial 
        institutions (`CDFIs') that have been certified by the 
        Secretary of the Treasury, including a summary with aggregate 
        data and analysis, to the fullest extent practicable, 
        regarding--
                    ``(A) a list of the types of organizations that are 
                certified as CDFIs, and the number of each type of 
                organization;
                    ``(B) the geographic location and capacity of 
                different types of certified CDFIs, including overall 
                impact breakdowns by each State (including the District 
                of Columbia and each territory of the United States) 
                and Tribal government entity;
                    ``(C) the lines of business for different types of 
                certified CDFIs;
                    ``(D) human resources and staffing information for 
                different types of certified CDFIs, including--
                    ``(E) the types of development services provided by 
                different types of certified CDFIs;
                    ``(F) the target markets of different types of 
                certified CDFIs and the amount of products and services 
                offered by CDFIs to those target markets, including--
                            ``(i) the number and amount of loans and 
                        loan guarantees made in those target markets;
                            ``(ii) the number and amount of other 
                        investments made in those target markets; and
                            ``(iii) the number and amount of 
                        development services offered in those target 
                        markets; and
                    ``(G) such other information as the Director of the 
                Fund may determine necessary to promote transparency of 
                the impact of different types of CDFIs, while carrying 
                out this report in a manner that seeks to minimize data 
                reporting requirements from certified CDFIs when 
                feasible, including utilizing information gathered from 
                other regulators under section 104(l).''.

SEC. 336. CONSULTATION AND MINIMIZATION OF DATA REQUESTS.

    Section 104 of the Riegle Community Development and Regulatory 
Improvement Act of 1994 (12 U.S.C. 4703) is amended by adding at the 
end the following:
    ``(l) Consultation and Minimization of Data Requests.--
            ``(1) In general.--In carrying out its duties, the Fund 
        shall--
                    ``(A) periodically, and no less frequent than once 
                a year, consult with the applicable Federal regulator 
                of certified CDFIs and applicants to be a certified 
                CDFI (`applicants)';
                    ``(B) seek to gather any information necessary 
                related to Fund certification and award decisions on 
                certified CDFIs and applicants from the applicable 
                Federal regulator, and such regulators shall use 
                reasonable efforts to provide such information to the 
                Fund, to minimize duplicative data collection requests 
                made by the Fund of certified CDFIs and applicants and 
                to expedite certification, award, or other relevant 
                processes administered by the Fund.
            ``(2) Applicable federal regulator defined.--In this 
        subsection, the term `applicable Federal regulator' means--
                    ``(A) with respect to a certified CDFI or an 
                applicant that is regulated by both an appropriate 
                Federal banking agency and the Bureau of Consumer 
                Financial Protection, the Bureau of Consumer Financial 
                Protection;
                    ``(B) with respect to a certified CDFI or an 
                applicant that is not regulated by the Bureau of 
                Consumer Financial Protection, the appropriate Federal 
                banking agency for such applicant; or
                    ``(C) the Bureau of Consumer Financial Protection, 
                with respect to a certified CDFI or an applicant--
                            ``(i) that is not regulated by an 
                        appropriate Federal banking agency; and
                            ``(ii) that offers or provides consumer 
                        financial products or services (as defined in 
                        section 1002 of the Consumer Financial 
                        Protection Act of 2010 (12 U.S.C. 5481).''.

SEC. 337. ACCESS TO THE DISCOUNT WINDOW OF THE FEDERAL RESERVE SYSTEM 
              FOR MDIS AND CDFIS.

    Within 1 year after the date of enactment of this Act, the Board of 
Governors of the Federal Reserve System shall establish a process under 
which minority depository institutions and community development 
financial institutions may have access to the discount window, at the 
seasonal credit interest rate most recently published on the Federal 
Reserve Statistical Release on selected interest rates (daily or 
weekly).

SEC. 338. STUDY ON SECURITIZATION BY CDFIS.

    (a) In General.--The Secretary of the Treasury, in consultation 
with the Community Development Financial Institutions Fund and such 
other Federal agencies as the Secretary determines appropriate, shall 
carry out a study on--
            (1) the use of securitization by CDFIs;
            (2) any barriers to the use of securitization as a source 
        of liquidity by CDFIs; and
            (3) any authorities available to the Government to support 
        the use of securitization by CDFIs to the extent it helps serve 
        underserved communities.
    (b) Report.--Not later than the end of the 1-year period beginning 
on the date of enactment of this Act, the Secretary shall issue a 
report to the Committee on Financial Services of the House of 
Representatives and the Committee on Banking, Housing, and Urban 
Affairs of the Senate containing--
            (1) all findings and determinations made in carrying out 
        the study required under subsection (a); and
            (2) any legislative or administrative recommendations of 
        the Secretary that would promote the responsible use of 
        securitization to help CDFIs in reaching more underserved 
        communities.
    (c) CDFI Defined.--The term ``CDFI'' has the meaning given the term 
``community development financial institution'' under section 103 of 
the Riegle Community Development and Regulatory Improvement Act of 
1994.

     TITLE IV--DIVERSITY IN FINANCIAL INSTITUTIONS AND CORPORATIONS

     Subtitle A--Promoting New and Diverse Depository Institutions

SEC. 411. STUDY AND STRATEGIC PLAN.

    (a) In General.--The Federal banking regulators shall jointly--
            (1) conduct a study about the challenges faced by proposed 
        depository institutions, including proposed minority depository 
        institutions, seeking de novo depository institution charters; 
        and
            (2) submit to the Committee on Financial Services of the 
        House of Representatives and the Committee on Banking, Housing, 
        and Urban Affairs of the Senate and publish publically, not 
        later than 18 months after the date of the enactment of this 
        section--
                    (A) an analysis based on the study conducted 
                pursuant to paragraph (1);
                    (B) any findings from the study conducted pursuant 
                to paragraph (1); and
                    (C) any legislative recommendations that the 
                Federal banking regulators developed based on the study 
                conducted pursuant to paragraph (1).
    (b) Strategic Plan.--
            (1) In general.--Not later than 18 months after the date of 
        the enactment of this section, the Federal banking regulators 
        shall jointly submit to the Committee on Financial Services of 
        the House of Representatives and the Committee on Banking, 
        Housing, and Urban Affairs of the Senate and publish publically 
        a strategic plan based on the study conducted pursuant to 
        subsection (a) and designed to help proposed depository 
        institutions (including proposed minority depository 
        institutions) successfully apply for de novo depository 
        institution charters in a manner that promotes increased 
        availability of banking and financial services, safety and 
        soundness, consumer protection, community reinvestment, 
        financial stability, and a level playing field.
            (2) Contents of strategic plan.--The strategic plan 
        described in paragraph (1) shall--
                    (A) promote the chartering of de novo depository 
                institutions, including--
                            (i) proposed minority depository 
                        institutions; and
                            (ii) proposed depository institutions that 
                        could be certified as community development 
                        financial institutions; and
                    (B) describe actions the Federal banking regulators 
                may take that would increase the number of depository 
                institutions located in geographic areas where 
                consumers lack access to a branch of a depository 
                institution.
    (c) Public Involvement.--When conducting the study and developing 
the strategic plan required by this section, the Federal banking 
regulators shall invite comments and other feedback from the public to 
inform the study and strategic plan.
    (d) Definitions.--In this section:
            (1) Depository institution.--The term ``depository 
        institution'' has the meaning given in section 3 of the Federal 
        Deposit Insurance Act, and includes a ``Federal credit union'' 
        and a ``State credit union'' as such terms are defined, 
        respectively, under section 101 of the Federal Credit Union 
        Act.
            (2) Community development financial institution.--The term 
        ``community development financial institution'' has the meaning 
        given in section 103 of the Riegle Community Development and 
        Regulatory Improvement Act of 1994.
            (3) Federal banking regulators.--The term ``Federal banking 
        regulators'' means the Board of Governors of the Federal 
        Reserve System, the Comptroller of the Currency, the Federal 
        Deposit Insurance Corporation, the National Credit Union 
        Administration, and the Director of the Bureau of Consumer 
        Financial Protection.
            (4) Minority depository institution.--The term ``minority 
        depository institution'' has the meaning given in section 
        308(b) of the Financial Institutions Reform, Recovery, and 
        Enforcement Act of 1989.

        Subtitle B--Promoting Diversity and Inclusion in Banking

SEC. 421. DIVERSITY AND INCLUSION RATINGS.

    (a) In General.--The Dodd-Frank Wall Street Reform and Consumer 
Protection Act (12 U.S.C. 5301 et seq.) is amended by inserting after 
section 342 the following:

``SEC. 342A. DIVERSITY AND INCLUSION RATINGS.

    ``(a) In General.--The Board of Governors, the Comptroller of the 
Currency, the Corporation, and the National Credit Union Administration 
Board, in assigning a rating to a depository institution under the 
Uniform Financial Institutions Rating System (or an equivalent rating 
by any such agency under a comparable rating system) shall include a 
diversity and inclusion component that examines--
            ``(1) whether the depository institution has effective 
        policies in place to encourage diversity and inclusion in the 
        hiring practices of the institution;
            ``(2) whether the depository institution provides training 
        to the employees of the institution, that is appropriate to the 
        size and resources of the institution, on diversity and 
        inclusion;
            ``(3) whether the depository institution has policies in 
        place that ensure that employees are able to report workplace 
        discrimination without fear of wrongful retaliation, threats, 
        or coercion; and
            ``(4)(A) with respect to a depository institution with 
        total consolidated assets of $1,000,000,000 or less, whether 
        such depository institution has designated an individual to 
        serve as a Diversity and Inclusion Officer who reports to the 
        Chief Executive Officer of the institution on all diversity and 
        inclusion matters; or
            ``(B) with respect to a depository institution with total 
        consolidated assets of more than $1,000,000,000, whether such 
        depository institution--
                    ``(i) has designated an individual to serve as a 
                Diversity and Inclusion Officer; and
                    ``(ii) has established a committee for diversity 
                and inclusion that holds meetings quarterly and that 
                includes in its membership the Diversity and Inclusion 
                Officer designated under clause (i) and the Chief 
                Executive Officer of the institution.
    ``(b) Application to Minority Depository Institutions.--In carrying 
out subsection (a) with respect to minority depository institutions, 
the Board of Governors, the Comptroller of the Currency, the 
Corporation, and the National Credit Union Administration Board shall--
            ``(1) assign such institutions the most favorable rating 
        with respect to the diversity and inclusion component described 
        under subsection (a); and
            ``(2) exempt such institutions from any examination 
        procedures related to the diversity and inclusion component 
        described under subsection (a).
    ``(c) Definitions.--In this section:
            ``(1) Depository institution.--The term `depository 
        institution' means a depository institution or a credit union.
            ``(2) Minority depository institution.--The term `minority 
        depository institution' means an entity that is--
                    ``(A) a minority depository institution, as defined 
                in section 308 of the Financial Institutions Reform, 
                Recovery, and Enforcement Act of 1989 (12 U.S.C. 1463 
                note);
                    ``(B) considered to be a minority depository 
                institution by--
                            ``(i) the appropriate Federal banking 
                        agency; or
                            ``(ii) the National Credit Union 
                        Administration, in the case of an insured 
                        credit union.
                    ``(C) the term `sexual orientation' means 
                homosexuality, heterosexuality, or bisexuality; or
                    ``(D) the term `gender identity' means the gender-
                related identity, appearance, mannerisms, or other 
                gender-related characteristics of an individual, 
                regardless of the individual's designated sex at 
                birth;''.
    (b) Clerical Amendment.--The table of contents for the Dodd-Frank 
Wall Street Reform and Consumer Protection Act is amended by inserting 
after the item relating to section 342 the following:

``Sec. 342A. Diversity and inclusion ratings.''.

      Subtitle C--Improving Corporate Governance Through Diversity

SEC. 431. SUBMISSION OF DATA RELATING TO DIVERSITY BY ISSUERS.

    Section 13 of the Securities Exchange Act of 1934 (15 U.S.C. 78m) 
is amended by adding at the end the following:
    ``(s) Submission of Data Relating to Diversity.--
            ``(1) Definitions.--In this subsection--
                    ``(A) the term `executive officer' has the meaning 
                given the term in section 230.501(f) of title 17, Code 
                of Federal Regulations, as in effect on the date of 
                enactment of this subsection; and
                    ``(B) the term `veteran' has the meaning given the 
                term in section 101 of title 38, United States Code.
            ``(2) Submission of disclosure.--Each issuer required to 
        file an annual report under subsection (a) shall disclose in 
        any proxy statement and any information statement relating to 
        the election of directors filed with the Commission the 
        following:
                    ``(A) Data, based on voluntary self-identification, 
                on the racial, ethnic, gender identity, and sexual 
                orientation composition of--
                            ``(i) the board of directors of the issuer;
                            ``(ii) nominees for the board of directors 
                        of the issuer; and
                            ``(iii) the executive officers of the 
                        issuer.
                    ``(B) The status of any member of the board of 
                directors of the issuer, any nominee for the board of 
                directors of the issuer, or any executive officer of 
                the issuer, based on voluntary self-identification, as 
                a veteran.
                    ``(C) Whether the board of directors of the issuer, 
                or any committee of that board of directors, has, as of 
                the date on which the issuer makes a disclosure under 
                this paragraph, adopted any policy, plan, or strategy 
                to promote racial, ethnic, and gender diversity among--
                            ``(i) the board of directors of the issuer;
                            ``(ii) nominees for the board of directors 
                        of the issuer; or
                            ``(iii) the executive officers of the 
                        issuer.
                    ``(D) The disability status, based on voluntary 
                self-identification, of any member of the board of 
                directors of the issuer, any nominee for the board of 
                directors of the issuer, or any executive officer of 
                the issuer.
            ``(3) Alternative submission.--In any 1-year period in 
        which an issuer required to file an annual report under 
        subsection (a) does not file with the Commission a proxy 
        statement or an information statement relating to the election 
        of directors, the issuer shall disclose the information 
        required under paragraph (2) in the first annual report of 
        issuer that the issuer submits to the Commission after the end 
        of that 1-year period.
            ``(4) Annual report.--Not later than 18 months after the 
        date of enactment of this subsection, and annually thereafter, 
        the Commission shall submit to the Committee on Financial 
        Services of the House of Representatives and the Committee on 
        Banking, Housing, and Urban Affairs of the Senate, and publish 
        on the website of the Commission, a report that analyzes the 
        information disclosed under paragraphs (2) and (3) and 
        identifies any trends with respect to such information, 
        including breakdowns by each State (including the District of 
        Columbia and each territory of the United States), Tribal 
        government entity, and congressional district.
            ``(5) Best practices.--
                    ``(A) In general.--The Director of the Office of 
                Minority and Women Inclusion of the Commission shall, 
                not later than 3 years after the date of enactment of 
                this subsection, and every 3 years thereafter, publish 
                best practices for compliance with this subsection.
                    ``(B) Comments.--The Director of the Office of 
                Minority and Women Inclusion of the Commission may, 
                pursuant to subchapter II of chapter 5 of title 5, 
                United States Code, solicit public comments related to 
                the best practices published under subparagraph (A).''.

SEC. 432. DIVERSITY ADVISORY GROUP.

    (a) Definitions.--For the purposes of this section:
            (1) Advisory group.--The term ``Advisory Group'' means the 
        Diversity Advisory Group established under subsection (b).
            (2) Commission.--The term ``Commission'' means the 
        Securities and Exchange Commission.
            (3) Issuer.--The term ``issuer'' has the meaning given the 
        term in section 3(a) of the Securities Exchange Act of 1934 (15 
        U.S.C. 78c(a)).
    (b) Establishment.--The Commission shall establish a Diversity 
Advisory Group, which shall be composed of representatives from--
            (1) the Federal Government and State and local governments;
            (2) academia; and
            (3) the private sector.
    (c) Study and Recommendations.--The Advisory Group shall--
            (1) carry out a study that identifies strategies that can 
        be used to increase gender, racial, and ethnic diversity, and 
        diversity with respect to individuals self-identifying as 
        lesbian, gay, bisexual, transgender, or queer, among members of 
        boards of directors of issuers; and
            (2) not later than 270 days after the date on which the 
        Advisory Group is established, submit to the Commission, the 
        Committee on Financial Services of the House of 
        Representatives, and the Committee on Banking, Housing, and 
        Urban Affairs of the Senate a report that--
                    (A) describes any findings from the study conducted 
                under paragraph (1); and
                    (B) makes recommendations regarding strategies that 
                issuers could use to increase gender, racial, and 
                ethnic diversity, and diversity with respect to 
                individuals self-identifying as lesbian, gay, bisexual, 
                transgender, or queer, among board members.
    (d) Annual Report.--Not later than 1 year after the date on which 
the Advisory Group submits the report required under subsection (c)(2), 
and annually thereafter, the Commission shall submit to the Committee 
on Financial Services of the House of Representatives and the Committee 
on Banking, Housing, and Urban Affairs of the Senate a report that 
describes the status of gender, racial, and ethnic diversity, and the 
status of diversity with respect to individuals self-identifying as 
lesbian, gay, bisexual, transgender, or queer, among members of the 
boards of directors of issuers, including breakdowns by each State 
(including the District of Columbia and each territory of the United 
States), Tribal government entity, and congressional district.
    (e) Public Availability of Reports.--The Commission shall make all 
reports of the Advisory Group available to issuers and the public, 
including on the website of the Commission.
    (f) Inapplicability of Federal Advisory Committee Act.--The Federal 
Advisory Committee Act (5 U.S.C. App.) shall not apply with respect to 
the Advisory Group or the activities of the Advisory Group.

          Subtitle D--Ensuring Diversity in Community Banking

SEC. 441. SHORT TITLE.

    This subtitle may be cited as the ``Ensuring Diversity in Community 
Banking Act''.

SEC. 442. SENSE OF CONGRESS ON FUNDING THE LOAN-LOSS RESERVE FUND FOR 
              SMALL DOLLAR LOANS.

    The sense of Congress is the following:
            (1) The Community Development Financial Institutions Fund 
        (the ``CDFI Fund'') is an agency of the Department of the 
        Treasury, and was established by the Riegle Community 
        Development and Regulatory Improvement Act of 1994. The mission 
        of the CDFI Fund is ``to expand economic opportunity for 
        underserved people and communities by supporting the growth and 
        capacity of a national network of community development 
        lenders, investors, and financial service providers''. A 
        community development financial institution (a ``CDFI'') is a 
        specialized financial institution serving low-income 
        communities and a Community Development Entity (a ``CDE'') is a 
        domestic corporation or partnership that is an intermediary 
        vehicle for the provision of loans, investments, or financial 
        counseling in low-income communities. The CDFI Fund certifies 
        CDFIs and CDEs. Becoming a certified CDFI or CDE allows 
        organizations to participate in various CDFI Fund programs as 
        follows:
                    (A) The Bank Enterprise Award Program, which 
                provides FDIC-insured depository institutions awards 
                for a demonstrated increase in lending and investments 
                in distressed communities and CDFIs.
                    (B) The CDFI Program, which provides Financial and 
                Technical Assistance awards to CDFIs to reinvest in the 
                CDFI, and to build the capacity of the CDFI, including 
                financing product development and loan loss reserves.
                    (C) The Native American CDFI Assistance Program, 
                which provides CDFIs and sponsoring entities Financial 
                and Technical Assistance awards to increase lending and 
                grow the number of CDFIs owned by Native Americans to 
                help build capacity of such CDFIs.
                    (D) The New Market Tax Credit Program, which 
                provides tax credits for making equity investments in 
                CDEs that stimulate capital investments in low-income 
                communities.
                    (E) The Capital Magnet Fund, which provides awards 
                to CDFIs and nonprofit affordable housing organizations 
                to finance affordable housing solutions and related 
                economic development activities.
                    (F) The Bond Guarantee Program, a source of long-
                term, patient capital for CDFIs to expand lending and 
                investment capacity for community and economic 
                development purposes.
            (2) The Department of the Treasury is authorized to create 
        multi-year grant programs designed to encourage low-to-moderate 
        income individuals to establish accounts at federally insured 
        banks, and to improve low-to-moderate income individuals' 
        access to such accounts on reasonable terms.
            (3) Under this authority, grants to participants in CDFI 
        Fund programs may be used for loan-loss reserves and to 
        establish small-dollar loan programs by subsidizing related 
        losses. These grants also allow for the providing recipients 
        with the financial counseling and education necessary to 
        conduct transactions and manage their accounts. These loans 
        provide low-cost alternatives to payday loans and other 
        nontraditional forms of financing that often impose excessive 
        interest rates and fees on borrowers, and lead millions of 
        Americans to fall into debt traps. Small-dollar loans can only 
        be made pursuant to terms, conditions, and practices that are 
        reasonable for the individual consumer obtaining the loan.
            (4) Program participation is restricted to eligible 
        institutions, which are limited to organizations listed in 
        section 501(c)(3) of the Internal Revenue Code and exempt from 
        tax under 501(a) of such Code, federally insured depository 
        institutions, community development financial institutions and 
        State, local, or Tribal government entities.
            (5) According to the CDFI Fund, some programs attract as 
        much as $10 in private capital for every $1 invested by the 
        CDFI Fund. The Administration and the Congress should 
        prioritize appropriation of funds for the loan loss reserve 
        fund and technical assistance programs administered by the 
        Community Development Financial Institution Fund.

SEC. 443. DEFINITIONS.

    In this subtitle:
            (1) Community development financial institution.--The term 
        ``community development financial institution'' has the meaning 
        given under section 103 of the Riegle Community Development and 
        Regulatory Improvement Act of 1994 (12 U.S.C. 4702).
            (2) Minority depository institution.--The term ``minority 
        depository institution'' has the meaning given under section 
        308 of the Financial Institutions Reform, Recovery, and 
        Enforcement Act of 1989 (12 U.S.C. 1463 note), as amended by 
        this Act.

SEC. 444. INCLUSION OF WOMEN'S BANKS IN THE DEFINITION OF MINORITY 
              DEPOSITORY INSTITUTION.

    Section 308(b)(1) of the Financial Institutions Reform, Recovery, 
and Enforcement Act of 1989 (12 U.S.C. 1463 note) is amended--
            (1) by redesignating subparagraphs (A), (B), and (C) as 
        clauses (i), (ii), and (iii), respectively;
            (2) by striking ``means any'' and inserting the following: 
        ``means--
            ``(A) any''; and
            (3) in clause (iii) (as so redesignated), by striking the 
        period at the end and inserting ``; or''; and
            (4) by inserting at the end the following new subparagraph:
                    ``(B) any bank described in clause (i), (ii), or 
                (iii) of section 19(b)(1)(A) of the Federal Reserve 
                Act--
                            ``(i) more than 50 percent of the 
                        outstanding shares of which are held by 1 or 
                        more women; and
                            ``(ii) the majority of the directors on the 
                        board of directors of which are women.''.

SEC. 445. ESTABLISHMENT OF IMPACT BANK DESIGNATION.

    (a) In General.--Each Federal banking agency shall establish a 
program under which a depository institution with total consolidated 
assets of less than $10,000,000,000 may elect to be designated as an 
impact bank if the total dollar value of the loans extended by such 
depository institution to low-income borrowers is greater than or equal 
to 50 percent of the assets of such bank.
    (b) Notification of Eligibility.--Based on data obtained through 
examinations of depository institutions, the appropriate Federal 
banking agency shall notify a depository institution if the institution 
is eligible to be designated as an impact bank.
    (c) Application.--Regardless of whether or not it has received a 
notice of eligibility under subsection (b), a depository institution 
may submit an application to the appropriate Federal banking agency--
            (1) requesting to be designated as an impact bank; and
            (2) demonstrating that the depository institution meets the 
        applicable qualifications.
    (d) Limitation on Additional Data Requirements.--The Federal 
banking agencies may only impose additional data collection 
requirements on a depository institution under this section if such 
data is--
            (1) necessary to process an application submitted by the 
        depository institution to be designated an impact bank; or
            (2) with respect to a depository institution that is 
        designated as an impact bank, necessary to ensure the 
        depository institution's ongoing qualifications to maintain 
        such designation.
    (e) Removal of Designation.--If the appropriate Federal banking 
agency determines that a depository institution designated as an impact 
bank no longer meets the criteria for such designation, the appropriate 
Federal banking agency shall rescind the designation and notify the 
depository institution of such rescission.
    (f) Reconsideration of Designation; Appeals.--Under such procedures 
as the Federal banking agencies may establish, a depository institution 
may--
            (1) submit to the appropriate Federal banking agency a 
        request to reconsider a determination that such depository 
        institution no longer meets the criteria for the designation; 
        or
            (2) file an appeal of such determination.
    (g) Rulemaking.--Not later than 1 year after the date of the 
enactment of this Act, the Federal banking agencies shall jointly issue 
rules to carry out the requirements of this section, including by 
providing a definition of a low-income borrower.
    (h) Reports.--Each Federal banking agency shall submit an annual 
report to the Congress containing a description of actions taken to 
carry out this section.
    (i) Federal Deposit Insurance Act Definitions.--In this section, 
the terms ``depository institution'', ``appropriate Federal banking 
agency'', and ``Federal banking agency'' have the meanings given such 
terms, respectively, in section 3 of the Federal Deposit Insurance Act 
(12 U.S.C. 1813).

SEC. 446. MINORITY DEPOSITORIES ADVISORY COMMITTEES.

    (a) Establishment.--Each covered regulator shall establish an 
advisory committee to be called the ``Minority Depositories Advisory 
Committee''.
    (b) Duties.--Each Minority Depositories Advisory Committee shall 
provide advice to the respective covered regulator on meeting the goals 
established by section 308 of the Financial Institutions Reform, 
Recovery, and Enforcement Act of 1989 (12 U.S.C. 1463 note) to preserve 
the present number of covered minority institutions, preserve the 
minority character of minority-owned institutions in cases involving 
mergers or acquisitions, provide technical assistance, and encourage 
the creation of new covered minority institutions. The scope of the 
work of each such Minority Depositories Advisory Committee shall 
include an assessment of the current condition of covered minority 
institutions, what regulatory changes or other steps the respective 
agencies may be able to take to fulfill the requirements of such 
section 308, and other issues of concern to covered minority 
institutions.
    (c) Membership.--
            (1) In general.--Each Minority Depositories Advisory 
        Committee shall consist of no more than 10 members, who--
                    (A) shall serve for one two-year term;
                    (B) shall serve as a representative of a depository 
                institution or an insured credit union with respect to 
                which the respective covered regulator is the covered 
                regulator of such depository institution or insured 
                credit union; and
                    (C) shall not receive pay by reason of their 
                service on the advisory committee, but may receive 
                travel or transportation expenses in accordance with 
                section 5703 of title 5, United States Code.
            (2) Diversity.--To the extent practicable, each covered 
        regulator shall ensure that the members of the Minority 
        Depositories Advisory Committee of such agency reflect the 
        diversity of covered minority institutions.
    (d) Meetings.--
            (1) In general.--Each Minority Depositories Advisory 
        Committee shall meet not less frequently than twice each year.
            (2) Notice and invitations.--Each Minority Depositories 
        Advisory Committee shall--
                    (A) notify the Committee on Financial Services of 
                the House of Representatives and the Committee on 
                Banking, Housing, and Urban Affairs of the Senate in 
                advance of each meeting of the Minority Depositories 
                Advisory Committee; and
                    (B) invite the attendance at each meeting of the 
                Minority Depositories Advisory Committee of--
                            (i) one member of the majority party and 
                        one member of the minority party of the 
                        Committee on Financial Services of the House of 
                        Representatives and the Committee on Banking, 
                        Housing, and Urban Affairs of the Senate; and
                            (ii) one member of the majority party and 
                        one member of the minority party of any 
                        relevant subcommittees of such committees.
    (e) No Termination of Advisory Committees.--The termination 
requirements under section 14 of the Federal Advisory Committee Act (5 
U.S.C. app.) shall not apply to a Minority Depositories Advisory 
Committee established pursuant to this section.
    (f) Definitions.--In this section:
            (1) Covered regulator.--The term ``covered regulator'' 
        means the Comptroller of the Currency, the Board of Governors 
        of the Federal Reserve System, the Federal Deposit Insurance 
        Corporation, and the National Credit Union Administration.
            (2) Covered minority institution.--The term ``covered 
        minority institution'' means a minority depository institution 
        (as defined in section 308(b) of the Financial Institutions 
        Reform, Recovery, and Enforcement Act of 1989 (12 U.S.C. 1463 
        note)).
            (3) Depository institution.--The term ``depository 
        institution'' has the meaning given under section 3 of the 
        Federal Deposit Insurance Act (12 U.S.C. 1813).
            (4) Insured credit union.--The term ``insured credit 
        union'' has the meaning given in section 101 of the Federal 
        Credit Union Act (12 U.S.C. 1752).
    (g) Technical Amendment.--Section 308(b) of the Financial 
Institutions Reform, Recovery, and Enforcement Act of 1989 (12 U.S.C. 
1463 note) is amended by adding at the end the following new paragraph:
            ``(3) Depository institution.--The term `depository 
        institution' means an `insured depository institution' (as 
        defined in section 3 of the Federal Deposit Insurance Act (12 
        U.S.C. 1813)) and an insured credit union (as defined in 
        section 101 of the Federal Credit Union Act (12 U.S.C. 
        1752)).''.

SEC. 447. FEDERAL DEPOSITS IN MINORITY DEPOSITORY INSTITUTIONS.

    (a) In General.--Section 308 of the Financial Institutions Reform, 
Recovery, and Enforcement Act of 1989 (12 U.S.C. 1463 note) is 
amended--
            (1) by adding at the end the following new subsection:
    ``(d) Federal Deposits.--The Secretary of the Treasury shall ensure 
that deposits made by Federal agencies in minority depository 
institutions and impact banks are collateralized or insured, as 
determined by the Secretary. Such deposits shall include reciprocal 
deposits as defined in section 337.6(e)(2)(v) of title 12, Code of 
Federal Regulations (as in effect on March 6, 2019).''; and
            (2) in subsection (b), as amended by section 6(g), by 
        adding at the end the following new paragraph:
            ``(4) Impact bank.--The term `impact bank' means a 
        depository institution designated by the appropriate Federal 
        banking agency pursuant to section 445 of the Ensuring 
        Diversity in Community Banking Act.''.
    (b) Technical Amendments.--Section 308 of the Financial 
Institutions Reform, Recovery, and Enforcement Act of 1989 (12 U.S.C. 
1463 note) is amended--
            (1) in the matter preceding paragraph (1), by striking 
        ``section--'' and inserting ``section:''; and
            (2) in the paragraph heading for paragraph (1), by striking 
        ``financial'' and inserting ``depository''.

SEC. 448. MINORITY BANK DEPOSIT PROGRAM.

    (a) In General.--Section 1204 of the Financial Institutions Reform, 
Recovery, and Enforcement Act of 1989 (12 U.S.C. 1811 note) is amended 
to read as follows:

``SEC. 1204. EXPANSION OF USE OF MINORITY DEPOSITORY INSTITUTIONS.

    ``(a) Minority Bank Deposit Program.--
            ``(1) Establishment.--There is established a program to be 
        known as the `Minority Bank Deposit Program' to expand the use 
        of minority depository institutions.
            ``(2) Administration.--The Secretary of the Treasury, 
        acting through the Fiscal Service, shall--
                    ``(A) on application by a depository institution or 
                credit union, certify whether such depository 
                institution or credit union is a minority depository 
                institution;
                    ``(B) maintain and publish a list of all depository 
                institutions and credit unions that have been certified 
                pursuant to subparagraph (A); and
                    ``(C) periodically distribute the list described in 
                subparagraph (B) to--
                            ``(i) all Federal departments and agencies;
                            ``(ii) interested State and local 
                        governments; and
                            ``(iii) interested private sector 
                        companies.
            ``(3) Inclusion of certain entities on list.--A depository 
        institution or credit union that, on the date of the enactment 
        of this section, has a current certification from the Secretary 
        of the Treasury stating that such depository institution or 
        credit union is a minority depository institution shall be 
        included on the list described under paragraph (2)(B).
    ``(b) Expanded Use Among Federal Departments and Agencies.--
            ``(1) In general.--Not later than 1 year after the 
        establishment of the program described in subsection (a), the 
        head of each Federal department or agency shall develop and 
        implement standards and procedures to prioritize, to the 
        maximum extent possible as permitted by law and consistent with 
        principles of sound financial management, the use of minority 
        depository institutions to hold the deposits of each such 
        department or agency.
            ``(2) Report to congress.--Not later than 2 years after the 
        establishment of the program described in subsection (a), and 
        annually thereafter, the head of each Federal department or 
        agency shall submit to Congress a report on the actions taken 
        to increase the use of minority depository institutions to hold 
        the deposits of each such department or agency.
    ``(c) Definitions.--For purposes of this section:
            ``(1) Credit union.--The term `credit union' has the 
        meaning given the term `insured credit union' in section 101 of 
        the Federal Credit Union Act (12 U.S.C. 1752).
            ``(2) Depository institution.--The term `depository 
        institution' has the meaning given in section 3 of the Federal 
        Deposit Insurance Act (12 U.S.C. 1813).
            ``(3) Minority depository institution.--The term `minority 
        depository institution' has the meaning given that term under 
        section 308 of this Act.''.
    (b) Conforming Amendments.--The following provisions are amended by 
striking ``1204(c)(3)'' and inserting ``1204(c)'':
            (1) Section 808(b)(3) of the Community Reinvestment Act of 
        1977 (12 U.S.C. 2907(b)(3)).
            (2) Section 40(g)(1)(B) of the Federal Deposit Insurance 
        Act (12 U.S.C. 1831q(g)(1)(B)).
            (3) Section 704B(h)(4) of the Equal Credit Opportunity Act 
        (15 U.S.C. 1691c-2(h)(4)).

SEC. 449. DIVERSITY REPORT AND BEST PRACTICES.

    (a) Annual Report.--Each covered regulator shall submit to Congress 
an annual report on diversity including the following:
            (1) Data, based on voluntary self-identification, on the 
        racial, ethnic, and gender composition of the examiners of each 
        covered regulator, disaggregated by length of time served as an 
        examiner.
            (2) The status of any examiners of covered regulators, 
        based on voluntary self-identification, as a veteran.
            (3) Whether any covered regulator, as of the date on which 
        the report required under this section is submitted, has 
        adopted a policy, plan, or strategy to promote racial, ethnic, 
        and gender diversity among examiners of the covered regulator.
            (4) Whether any special training is developed and provided 
        for examiners related specifically to working with depository 
        institutions and credit unions that serve communities that are 
        predominantly minorities, low income, or rural, and the key 
        focus of such training.
    (b) Best Practices.--Each Office of Minority and Women Inclusion of 
a covered regulator shall develop, provide to the head of the covered 
regulator, and make publicly available best practices--
            (1) for increasing the diversity of candidates applying for 
        examiner positions, including through outreach efforts to 
        recruit diverse candidate to apply for entry-level examiner 
        positions; and
            (2) for retaining and providing fair consideration for 
        promotions within the examiner staff for purposes of achieving 
        diversity among examiners.
    (c) Covered Regulator Defined.--In this section, the term ``covered 
regulator'' means the Comptroller of the Currency, the Board of 
Governors of the Federal Reserve System, the Federal Deposit Insurance 
Corporation, and the National Credit Union Administration.

SEC. 450. INVESTMENTS IN MINORITY DEPOSITORY INSTITUTIONS AND IMPACT 
              BANKS.

    (a) Control for Certain Institutions.--Section 7(j)(8)(B) of the 
Federal Deposit Insurance Act (12 U.S.C. 1817(j)(8)(B)) is amended to 
read as follows:
            ``(B) `control' means the power, directly or indirectly--
                    ``(i) to direct the management or policies of an 
                insured depository institution; or
                    ``(ii)(I) with respect to an insured depository 
                institution, of a person to vote 25 per centum or more 
                of any class of voting securities of such institution; 
                or
                    ``(II) with respect to an insured depository 
                institution that is an impact bank (as designated 
                pursuant to section 445 of the Ensuring Diversity in 
                Community Banking Act) or a minority depository 
                institution (as defined in section 308(b) of the 
                Financial Institutions Reform, Recovery, and 
                Enforcement Act of 1989), of an individual to vote 30 
                percent or more of any class of voting securities of 
                such an impact bank or a minority depository 
                institution.''.
    (b) Rulemaking.--The Federal banking agencies (as defined in 
section 3 of the Federal Deposit Insurance Act (12 U.S.C. 1813)) shall 
jointly issue rules for de novo minority depository institutions and de 
novo impact banks (as designated pursuant to section 445) to allow 3 
years to meet the capital requirements otherwise applicable to minority 
depository institutions and impact banks.
    (c) Report.--Not later than 1 year after the date of the enactment 
of this Act, the Federal banking agencies shall jointly submit to 
Congress a report on--
            (1) the principal causes for the low number of de novo 
        minority depository institutions during the 10-year period 
        preceding the date of the report;
            (2) the main challenges to the creation of de novo minority 
        depository institutions and de novo impact banks; and
            (3) regulatory and legislative considerations to promote 
        the establishment of de novo minority depository institutions 
        and de novo impact banks.

SEC. 451. REPORT ON COVERED MENTOR-PROTEGE PROGRAMS.

    (a) Report.--Not later than 6 months after the date of the 
enactment of this Act and annually thereafter, the Secretary of the 
Treasury shall submit to Congress a report on participants in a covered 
mentor-protege program, including--
            (1) an analysis of outcomes of such program;
            (2) the number of minority depository institutions that are 
        eligible to participate in such program but do not have large 
        financial institution mentors; and
            (3) recommendations for how to match such minority 
        depository institutions with large financial institution 
        mentors.
    (b) Definitions.--In this section:
            (1) Covered mentor-protege program.--The term ``covered 
        mentor-protege program'' means a mentor-protege program 
        established by the Secretary of the Treasury pursuant to 
        section 45 of the Small Business Act (15 U.S.C. 657r).
            (2) Large financial institution.--The term ``large 
        financial institution'' means any entity--
                    (A) regulated by the Comptroller of the Currency, 
                the Board of Governors of the Federal Reserve System, 
                the Federal Deposit Insurance Corporation, or the 
                National Credit Union Administration; and
                    (B) that has total consolidated assets greater than 
                or equal to $50,000,000,000.

SEC. 452. CUSTODIAL DEPOSIT PROGRAM FOR COVERED MINORITY DEPOSITORY 
              INSTITUTIONS AND IMPACT BANKS.

    (a) In General.--Not later than one year after the date of the 
enactment of this Act, the Secretary of the Treasury shall issue rules 
establishing a custodial deposit program under which a covered bank may 
receive deposits from a qualifying account.
    (b) Requirements.--In issuing rules under subsection (a), the 
Secretary of the Treasury shall--
            (1) consult with the Federal banking agencies;
            (2) ensure each covered bank participating in the program 
        established under this section--
                    (A) has appropriate policies relating to management 
                of assets, including measures to ensure the safety and 
                soundness of each such covered bank; and
                    (B) is compliant with applicable law; and
            (3) ensure, to the extent practicable that the rules do not 
        conflict with goals described in section 308(a) of the 
        Financial Institutions Reform, Recovery, and Enforcement Act of 
        1989 (12 U.S.C. 1463 note).
    (c) Limitations.--
            (1) Deposits.--With respect to the funds of an individual 
        qualifying account, an entity may not deposit an amount greater 
        than the insured amount in a single covered bank.
            (2) Total deposits.--The total amount of funds deposited in 
        a covered bank under the custodial deposit program described 
        under this section may not exceed the lesser of--
                    (A) 10 percent of the average amount of deposits 
                held by such covered bank in the previous quarter; or
                    (B) $100,000,000 (as adjusted for inflation).
    (d) Report.--Each quarter, the Secretary of the Treasury shall 
submit to Congress a report on the implementation of the program 
established under this section including information identifying 
participating covered banks and the total amount of deposits received 
by covered banks under the program, including breakdowns by each State 
(including the District of Columbia and each territory of the United 
States) and Tribal government entity.
    (e) Definitions.--In this section:
            (1) Covered bank.--The term ``covered bank'' means--
                    (A) a minority depository institution that is well 
                capitalized, as defined by the appropriate Federal 
                banking agency; or
                    (B) a depository institution designated pursuant to 
                section 445 of the Ensuring Diversity in Community 
                Banking Act that is well capitalized, as defined by the 
                appropriate Federal banking agency.
            (2) Insured amount.--The term ``insured amount'' means the 
        amount that is the greater of--
                    (A) the standard maximum deposit insurance amount 
                (as defined in section 11(a)(1)(E) of the Federal 
                Deposit Insurance Act (12 U.S.C. 1821(a)(1)(E))); or
                    (B) such higher amount negotiated between the 
                Secretary of the Treasury and the Federal Deposit 
                Insurance Corporation under which the Corporation will 
                insure all deposits of such higher amount.
            (3) Federal banking agencies.--The terms ``appropriate 
        Federal banking agency'' and ``Federal banking agencies'' have 
        the meaning given those terms, respectively, under section 3 of 
        the Federal Deposit Insurance Act.
            (4) Qualifying account.--The term ``qualifying account'' 
        means any account established in the Department of the Treasury 
        that--
                    (A) is controlled by the Secretary; and
                    (B) is expected to maintain a balance greater than 
                $200,000,000 for the following 24-month period.

SEC. 453. STREAMLINED COMMUNITY DEVELOPMENT FINANCIAL INSTITUTION 
              APPLICATIONS AND REPORTING.

    (a) Application Processes.--Not later than 12 months after the date 
of the enactment of this Act and with respect to any person having 
assets under $3,000,000,000 that submits an application for deposit 
insurance with the Federal Deposit Insurance Corporation that could 
also become a community development financial institution, the Federal 
Deposit Insurance Corporation, in consultation with the Administrator 
of the Community Development Financial Institutions Fund, shall--
            (1) develop systems and procedures to record necessary 
        information to allow the Administrator to conduct preliminary 
        analysis for such person to also become a community development 
        financial institution; and
            (2) develop procedures to streamline the application and 
        annual certification processes and to reduce costs for such 
        person to become, and maintain certification as, a community 
        development financial institution.
    (b) Implementation Report.--Not later than 18 months after the date 
of the enactment of this Act, the Federal Deposit Insurance Corporation 
shall submit to Congress a report describing the systems and procedures 
required under subsection (a).
    (c) Annual Report.--
            (1) In general.--Section 17(a)(1) of the Federal Deposit 
        Insurance Act (12 U.S.C. 1827(a)(1)) is amended--
                    (A) in subparagraph (E), by striking ``and'' at the 
                end;
                    (B) by redesignating subparagraph (F) as 
                subparagraph (G);
                    (C) by inserting after subparagraph (E) the 
                following new subparagraph:
                    ``(F) applicants for deposit insurance that could 
                also become a community development financial 
                institution (as defined in section 103 of the Riegle 
                Community Development and Regulatory Improvement Act of 
                1994), a minority depository institution (as defined in 
                section 308 of the Financial Institutions Reform, 
                Recovery, and Enforcement Act of 1989), or an impact 
                bank (as designated pursuant to section 445 of the 
                Ensuring Diversity in Community Banking Act); and''.
            (2) Application.--The amendment made by this subsection 
        shall apply with respect to the first report to be submitted 
        after the date that is 2 years after the date of the enactment 
        of this Act.

SEC. 454. TASK FORCE ON LENDING TO SMALL BUSINESS CONCERNS.

    (a) In General.--Not later than 6 months after the date of the 
enactment of this Act, the Administrator of the Small Business 
Administration shall establish a task force to examine methods for 
improving relationships between the Small Business Administration and 
community development financial institutions, minority depository 
institutions, and impact banks (as designated pursuant to section 445) 
to increase the volume of loans provided by such institutions to small 
business concerns (as defined under section 3 of the Small Business Act 
(15 U.S.C. 632)).
    (b) Report to Congress.--Not later than 18 months after the 
establishment of the task force described in subsection (a), the 
Administrator of the Small Business Administration shall submit to 
Congress a report on the findings of such task force.

 Subtitle E--Expanding Opportunity for Minority Depository Institutions

SEC. 461. ESTABLISHMENT OF FINANCIAL AGENT MENTOR-PROTEGE PROGRAM.

    (a) In General.--Section 308 of the Financial Institutions Reform, 
Recovery, and Enforcement Act of 1989 (12 U.S.C. 1463 note) is amended 
by adding at the end the following new subsection:
    ``(d) Financial Agent Mentor-Protege Program.--
            ``(1) In general.--The Secretary of the Treasury shall 
        establish a program to be known as the `Financial Agent Mentor-
        Protege Program' (in this subsection referred to as the 
        `Program') under which a financial agent designated by the 
        Secretary or a large financial institution may serve as a 
        mentor, under guidance or regulations prescribed by the 
        Secretary, to a small financial institution to allow such small 
        financial institution--
                    ``(A) to be prepared to perform as a financial 
                agent; or
                    ``(B) to improve capacity to provide services to 
                the customers of the small financial institution.
            ``(2) Outreach.--The Secretary shall hold outreach events 
        to promote the participation of financial agents, large 
        financial institutions, and small financial institutions in the 
        Program at least once a year.
            ``(3) Exclusion.--The Secretary shall issue guidance or 
        regulations to establish a process under which a financial 
        agent, large financial institution, or small financial 
        institution may be excluded from participation in the Program.
            ``(4) Report.--The Office of Minority and Women Inclusion 
        of the Department of the Treasury shall include in the report 
        submitted to Congress under section 342(e) of the Dodd-Frank 
        Wall Street Reform and Consumer Protection Act information 
        pertaining to the Program, including--
                    ``(A) the number of financial agents, large 
                financial institutions, and small financial 
                institutions participating in such Program, including 
                breakdowns by each State (including the District of 
                Columbia and each territory of the United States), 
                Tribal government entity, and congressional district; 
                and
                    ``(B) the number of outreach events described in 
                paragraph (2) held during the year covered by such 
                report.
            ``(5) Definitions.--In this subsection:
                    ``(A) Financial agent.--The term `financial agent' 
                means any national banking association designated by 
                the Secretary of the Treasury to be employed as a 
                financial agent of the Government.
                    ``(B) Large financial institution.--The term `large 
                financial institution' means any entity regulated by 
                the Comptroller of the Currency, the Board of Governors 
                of the Federal Reserve System, the Federal Deposit 
                Insurance Corporation, or the National Credit Union 
                Administration that has total consolidated assets 
                greater than or equal to $50,000,000,000.
                    ``(C) Small financial institution.--The term `small 
                financial institution' means--
                            ``(i) any entity regulated by the 
                        Comptroller of the Currency, the Board of 
                        Governors of the Federal Reserve System, the 
                        Federal Deposit Insurance Corporation, or the 
                        National Credit Union Administration that has 
                        total consolidated assets lesser than or equal 
                        to $2,000,000,000; or
                            ``(ii) a minority depository 
                        institution.''.
    (b) Effective Date.--This section and the amendments made by this 
section shall take effect 90 days after the date of the enactment of 
this Act.

                     TITLE V--COMMUNITY DEVELOPMENT

          Subtitle A--CDFI Bond Guarantee Program Improvement

SEC. 511. SENSE OF CONGRESS.

    It is the sense of Congress that the authority to guarantee bonds 
under section 114A of the Community Development Banking and Financial 
Institutions Act of 1994 (12 U.S.C. 4713a) (commonly referred to as the 
``CDFI Bond Guarantee Program'') provides community development 
financial institutions with a sustainable source of long-term capital 
and furthers the mission of the Community Development Financial 
Institutions Fund (established under section 104(a) of such Act (12 
U.S.C. 4703(a)) to increase economic opportunity and promote community 
development investments for underserved populations and distressed 
communities in the United States.

SEC. 512. GUARANTEES FOR BONDS AND NOTES ISSUED FOR COMMUNITY OR 
              ECONOMIC DEVELOPMENT PURPOSES.

    Section 114A of the Community Development Banking and Financial 
Institutions Act of 1994 (12 U.S.C. 4713a) is amended--
            (1) in subsection (c)(2), by striking ``, multiplied by an 
        amount equal to the outstanding principal balance of issued 
        notes or bonds'';
            (2) in subsection (e)(2)(B), by striking ``$100,000,000'' 
        and inserting ``$25,000,000''; and
            (3) in subsection (k), by striking ``September 30, 2014'' 
        and inserting ``the date that is 4 years after the date of 
        enactment of the CDFI Bond Guarantee Program Improvement Act of 
        2022''.

SEC. 513. REPORT ON THE CDFI BOND GUARANTEE PROGRAM.

    Not later than 1 year after the date of enactment of this Act, and 
not later than 3 years after such date of enactment, the Secretary of 
the Treasury shall issue a report to the Committee on Financial 
Services of the House of Representatives and the Committee on Banking, 
Housing, and Urban Affairs of the Senate on the effectiveness of the 
CDFI bond guarantee program established under section 114A of the 
Community Development Banking and Financial Institutions Act of 1994 
(12 U.S.C. 4713a).

   Subtitle B--Expanding Financial Access for Underserved Communities

SEC. 521. CREDIT UNION SERVICE TO UNDERSERVED AREAS.

    Section 109 of the Federal Credit Union Act (12 U.S.C. 1759) is 
amended--
            (1) in subsection (c)(2)--
                    (A) by striking ``the field of membership category 
                of which is described in subsection (b)(2),'';
                    (B) by amending subparagraph (A) to read as 
                follows:
                    ``(A) the Board determines that the local 
                community, neighborhood, or rural district is an 
                underserved area; and''; and
                    (C) in subparagraph (B), by inserting ``not later 
                than 2 years after having such underserved area added 
                to the credit union's charter,'' before ``the credit 
                union''; and
            (2) by adding at the end the following:
    ``(h) Change of Field of Membership to Include Underserved Areas.--
            ``(1) In general.--If an existing Federal credit union 
        applies to the Board to alter or expand the field of membership 
        of the credit union to serve an underserved area, the credit 
        union shall submit a business and marketing plan with such 
        application that explains the credit union's ability and intent 
        to serve the population of the underserved area through the 
        change in field of membership.
            ``(2) Report by credit union.--Not later than 2 years after 
        the date on which a Federal credit union's application 
        described under paragraph (1) is approved, the credit union, as 
        part of the ordinary course of the examination cycle and 
        supervision process, shall submit a report to the 
        Administration that includes--
                    ``(A) an estimate of the number of members of the 
                credit union who are members by reason of the 
                application, including breakdowns by each State 
                (including the District of Columbia and each territory 
                of the United States), Tribal government entity, and 
                congressional district;
                    ``(B) a description of the types of financial 
                services utilized by members of the credit union who 
                are members by reason of the application;
                    ``(C) an update of the credit union's 
                implementation of the business and marketing plan 
                described under paragraph (1); and
                    ``(D) a description of the types of financial 
                education programs made available to members of the 
                credit union, including those who are members by reason 
                of the application and those in rural areas, where 
                applicable.''.

SEC. 522. MEMBER BUSINESS LENDING IN UNDERSERVED AREAS.

    Section 107A(c)(1)(B) of the Federal Credit Union Act (12 U.S.C. 
1757a(c)(1)(B)) is amended--
            (1) in clause (iv), by striking ``or'' at the end;
            (2) in clause (v), by striking the period and inserting ``; 
        or''; and
            (3) by adding at the end the following:
                            ``(vi) that is made to a member or 
                        associated borrower that lives in or operates 
                        in an underserved area.''.

SEC. 523. UNDERSERVED AREA DEFINED.

    Section 101 of the Federal Credit Union Act (12 U.S.C. 1752) is 
amended--
            (1) in paragraph (8), by striking ``; and'' and inserting a 
        period;
            (2) in paragraph (9), by striking the period at the end and 
        inserting ``; and''; and
            (3) by adding at the end the following:
            ``(10) The term `underserved area' means a geographic area 
        consisting of one or more population census tracts or one or 
        more counties, that encompass or are located within--
                    ``(A) an investment area, as defined under section 
                103(16) of the Community Development Banking and 
                Financial Institutions Act of 1994;
                    ``(B) groups of contiguous census tracts in which 
                at least 85 percent individually qualify as low-income 
                communities, as defined under section 45D(e) of the 
                Internal Revenue Code of 1986; or
                    ``(C) an area that is more than ten miles, as 
                measured from each point along the area's perimeter, 
                from the nearest branch of a depository institution (as 
                defined under section 3 of the Federal Deposit 
                Insurance Act) or credit union.''.

SEC. 524. REPORTS BY THE NATIONAL CREDIT UNION ADMINISTRATION.

    (a) Initial Report.--Not later than 3 years after the date of 
enactment of this Act, but no sooner than 2 years after the date of 
enactment of this Act, the National Credit Union Administration shall 
issue a report to the Committee on Financial Services of the House of 
Representatives and the Committee on Banking, Housing, and Urban 
Affairs of the Senate on the implementation of the amendments made by 
this subtitle.
    (b) Update.--The National Credit Union Administration shall issue 
an updated report on the implementation of the amendments made by this 
subtitle to the committees described under subsection (a) on the date 
that is 5 years after the date on which the Administration issues the 
initial report under subsection (a).

SEC. 525. RULE OF CONSTRUCTION.

    Nothing in this subtitle or the amendments made by this subtitle 
may be construed to prevent or otherwise impede the ability of insured 
depository institutions (as defined in section 3 of the Federal Deposit 
Insurance Act) to establish branches and provide banking services in 
underserved areas.

      TITLE VI--ENSURING DIVERSE LEADERSHIP OF THE FEDERAL RESERVE

SEC. 601. SHORT TITLE.

    This title may be cited as the ``Ensuring Diverse Leadership Act of 
2022''.

SEC. 602. CONGRESSIONAL FINDINGS.

    The Congress finds that--
            (1) while significant progress has occurred due to the 
        antidiscrimination amendments to the Federal Reserve Act, 
        barriers continue to pose significant obstacles for candidates 
        reflective of gender diversity and racial or ethnic diversity 
        for Federal Reserve bank president positions in the Federal 
        Reserve System;
            (2) the continuing barriers described in paragraph (1) 
        merit the following amendment;
            (3) Congress has received and reviewed testimony and 
        documentation of the historical lack of gender, racial, and 
        ethnic diversity from numerous sources, including congressional 
        hearings, scientific reports, reports issued by public and 
        private agencies, news stories, and reports of related barriers 
        by organizations and individuals, which show that 
        race-, ethnicity-, and gender-neutral efforts alone are 
        insufficient to address the problem;
            (4) the testimony and documentation described in paragraph 
        (3) demonstrate that barriers across the United States prove 
        problematic for full and fair participation in developing 
        monetary policy by individuals reflective of gender diversity 
        and racial or ethnic diversity; and
            (5) the testimony and documentation described in paragraph 
        (3) provide a strong basis that there is a compelling need for 
        the below amendment to address the historical lack of gender, 
        racial, and ethnic diversity in the Federal Reserve regional 
        bank presidents selection process in the Federal Reserve 
        System.

SEC. 603. FEDERAL RESERVE BANK PRESIDENTS.

    (a) In General.--The provision designated ``fifth'' of the fourth 
undesignated paragraph of section 4 of the Federal Reserve Act (12 
U.S.C. 341) is amended by inserting after ``employees.'' the following: 
``In making the appointment of a president, the bank shall interview at 
least one individual reflective of gender diversity and one individual 
reflective of racial or ethnic diversity.''.
    (b) Report.--Not later than January 1 of each year, each Federal 
reserve bank shall submit to the Committee on Banking, Housing, and 
Urban Affairs of the Senate, the Committee on Financial Services of the 
House of Representatives, and the Office of Inspector General for the 
Board of Governors of the Federal Reserve System and the Bureau of 
Consumer Financial Protection a report describing the applicant pool 
demographic for the position of the president of the Federal reserve 
bank for the preceding fiscal year, if applicable.

SEC. 604. TECHNICAL ADJUSTMENTS.

    (a) American Competitiveness and Workforce Improvement Act of 
1998.--Section 418(b) of the American Competitiveness and Workforce 
Improvement Act of 1998 (8 U.S.C. 1184 note) is amended by striking 
``Chairman of the Board of Governors'' and inserting ``Chair of the 
Board of Governors''.
    (b) Bretton Woods Agreements Act.--The Bretton Woods Agreements Act 
(22 U.S.C. 286 et seq.) is amended--
            (1) in section 4(a), by striking ``Chairman of the Board of 
        Governors'' and inserting ``Chair of the Board of Governors''; 
        and
            (2) in section 45(a)(1), by striking ``chairman of the 
        board of Governors'' and inserting ``Chair of the Board of 
        Governors''.
    (c) Dodd-Frank Wall Street Reform and Consumer Protection Act.--The 
Dodd-Frank Wall Street Reform and Consumer Protection Act (12 U.S.C. 
5301 et seq.) is amended by striking ``Chairman of the Board'' each 
place such term appears and inserting ``Chair of the Board''.
    (d) Emergency Economic Stabilization Act of 2008.--The Emergency 
Economic Stabilization Act of 2008 (12 U.S.C. 5201 et seq.) is amended 
by striking ``Chairman of the Board'' each place such term appears and 
inserting ``Chair of the Board''.
    (e) Emergency Loan Guarantee Act.--Section 2 of the Emergency Loan 
Guarantee Act (15 U.S.C. 1841) is amended by striking ``Chairman of the 
Board of Governors'' and inserting ``Chair of the Board of Governors''.
    (f) Emergency Steel Loan Guarantee and Emergency Oil and Gas 
Guaranteed Loan Act of 1999.--The Emergency Steel Loan Guarantee and 
Emergency Oil and Gas Guaranteed Loan Act of 1999 (15 U.S.C. 1841 note) 
is amended--
            (1) in section 101(e)(2)--
                    (A) by striking ``Chairman of the Board of 
                Governors'' and inserting ``Chair of the Board of 
                Governors''; and
                    (B) by striking ``Chairman,'' and inserting 
                ``Chair,''; and
            (2) in section 201(d)(2)(B)--
                    (A) by striking ``Chairman of the Board of 
                Governors'' and inserting ``Chair of the Board of 
                Governors''; and
                    (B) by striking ``Chairman,'' and inserting 
                ``Chair,''.
    (g) Farm Credit Act of 1971.--Section 4.9(d)(1)(C) of the Farm 
Credit Act of 1971 (12 U.S.C. 2160(d)(1)(C)) is amended by striking 
``Chairman of the Board of Governors'' and inserting ``Chair of the 
Board of Governors''.
    (h) Federal Deposit Insurance Act.--The Federal Deposit Insurance 
Act (12 U.S.C. 1811 et seq.) is amended--
            (1) in section 7(a)(3), by striking ``Chairman of the Board 
        of Governors'' and inserting ``Chair of the Board of 
        Governors''; and
            (2) in section 10(k)(5)(B)(ii), by striking ``Chairman of 
        the Board of Governors'' and inserting ``Chair of the Board of 
        Governors''.
    (i) Federal Reserve Act.--The Federal Reserve Act (12 U.S.C. 226 et 
seq.) is amended--
            (1) by striking ``chairman'' each place such term appears 
        and inserting ``chair'';
            (2) by striking ``Chairman'' each place such term appears 
        other than in section 11(r)(2)(B) and inserting ``Chair'';
            (3) in section 2, in the sixth undesignated paragraph--
                    (A) in the second sentence, by striking ``his'' and 
                inserting ``the Comptroller of the Currency's''; and
                    (B) in the third sentence, by striking ``his'' and 
                inserting ``the director's'';
            (4) in section 4--
                    (A) in the third undesignated paragraph, by 
                striking ``his office'' and inserting ``the Office of 
                the Comptroller of the Currency'';
                    (B) in the fourth undesignated paragraph, in the 
                provision designated ``fifth'', by striking ``his'' and 
                inserting ``the person's'';
                    (C) in the eighth undesignated paragraph, by 
                striking ``his'' and inserting ``the chair's'';
                    (D) in the seventeenth undesignated paragraph--
                            (i) by striking ``his'' and inserting ``the 
                        officer's''; and
                            (ii) by striking ``he'' and inserting ``the 
                        individual'';
                    (E) in the twentieth undesignated paragraph--
                            (i) by striking ``He'' each place such term 
                        appears and inserting ``The chair'';
                            (ii) in the third sentence--
                                    (I) by striking ``his'' and 
                                inserting ``the''; and
                                    (II) by striking ``he'' and 
                                inserting a comma; and
                            (iii) in the fifth sentence, by striking 
                        ``he'' and inserting ``the chair''; and
                    (F) in the twenty-first undesignated paragraph, by 
                striking ``his'' each place such term appears and 
                inserting ``the agent's'';
            (5) in section 6, in the second undesignated paragraph, by 
        striking ``he'' and inserting ``the Comptroller of the 
        Currency'';
            (6) in section 9A(c)(2)(C), by striking ``he'' and 
        inserting ``the participant'';
            (7) in section 10--
                    (A) by striking ``he'' each place such term appears 
                and inserting ``the member'';
                    (B) in the second undesignated paragraph, by 
                striking ``his'' and inserting ``the member's''; and
                    (C) in the fourth undesignated paragraph--
                            (i) in the second sentence, by striking 
                        ``his'' and inserting ``the chair's'';
                            (ii) in the fifth sentence, by striking 
                        ``his'' and inserting ``the member's''; and
                            (iii) in the sixth sentence, by striking 
                        ``his'' and inserting ``the member's'';
            (8) in section 12, by striking ``his'' and inserting ``the 
        member's'';
            (9) in section 13, in the tenth undesignated paragraph, by 
        striking ``his'' and inserting ``the assured's'';
            (10) in section 16--
                    (A) by striking ``he'' each place such term appears 
                and inserting ``the agent'';
                    (B) in the seventh undesignated paragraph--
                            (i) by striking ``his'' and inserting ``the 
                        agent's''; and
                            (ii) by striking ``himself'' and inserting 
                        ``the agent'';
                    (C) in the tenth undesignated paragraph, by 
                striking ``his'' and inserting ``the Secretary's''; and
                    (D) in the fifteenth undesignated paragraph, by 
                striking ``his'' and inserting ``the agent's'';
            (11) in section 18, in the eighth undesignated paragraph, 
        by striking ``he'' and inserting ``the Secretary of the 
        Treasury'';
            (12) in section 22--
                    (A) in subsection (f), by striking ``his'' and 
                inserting ``the director's or officer's''; and
                    (B) in subsection (g)--
                            (i) in paragraph (1)(D)--
                                    (I) by striking ``him'' and 
                                inserting ``the officer''; and
                                    (II) by striking ``he'' and 
                                inserting ``the officer''; and
                            (ii) in paragraph (2)(A), by striking ``him 
                        as his'' and inserting ``the officer as the 
                        officer's''; and
            (13) in section 25A--
                    (A) in the twelfth undesignated paragraph--
                            (i) by striking ``he'' each place such term 
                        appears and inserting ``the member''; and
                            (ii) by striking ``his'' and inserting 
                        ``the member's'';
                    (B) in the fourteenth undesignated paragraph, by 
                striking ``his'' and inserting ``the director's or 
                officer's''; and
                    (C) in the twenty-second undesignated paragraph, by 
                striking ``his'' each place such term appears and 
                inserting ``such individual's''.
    (j) Federal Reserve Reform Act of 1977.--Section 204(b) of the 
Federal Reserve Reform Act of 1977 (12 U.S.C. 242 note) is amended by 
striking ``Chairman or Vice Chairman of the Board of Governors'' and 
inserting ``Chair or Vice Chair of the Board of Governors''.
    (k) Financial Institutions Reform, Recovery, and Enforcement Act of 
1989.--The Financial Institutions Reform, Recovery, and Enforcement Act 
of 1989 is amended--
            (1) in section 308 (12 U.S.C. 1463 note)--
                    (A) in subsection (a), by striking ``Chairman of 
                the Board of Governors'' and inserting ``Chair of the 
                Board of Governors''; and
                    (B) in subsection (c), by striking ``Chairman of 
                the Board of Governors'' and inserting ``Chair of the 
                Board of Governors'';
            (2) in section 1001(a) (12 U.S.C. 1811 note), by striking 
        ``Chairman of the Board of Governors'' and inserting ``Chair of 
        the Board of Governors''; and
            (3) in section 1205(b)(1)(A) (12 U.S.C. 1818 note)--
                    (A) by striking ``Chairman of the Board of 
                Governors'' and inserting ``Chair of the Board of 
                Governors''; and
                    (B) by striking ``Chairman's'' and inserting 
                ``Chair's''.
    (l) Food, Conservation, and Energy Act of 2008.--Section 13106(a) 
of the Food, Conservation, and Energy Act of 2008 (7 U.S.C. 2 note) is 
amended by striking ``Chairman of the Board of Governors'' and 
inserting ``Chair of the Board of Governors''.
    (m) Housing and Community Development Act of 1992.--Section 
1313(a)(3) of the Housing and Community Development Act of 1992 (12 
U.S.C. 4513(a)(3)) is amended--
            (1) in the heading, by striking ``chairman'' and inserting 
        ``chair'';
            (2) by striking ``Chairman of the Board of Governors'' and 
        inserting ``Chair of the Board of Governors''; and
            (3) by striking ``Chairman regarding'' and inserting 
        ``Chair regarding''.
    (n) Inspector General Act of 1978.--Section 8G of the Inspector 
General Act of 1978 is amended by striking ``Chairman of the Board of 
Governors'' each place such term appears and inserting ``Chair of the 
Board of Governors''.
    (o) International Lending Supervision Act of 1983.--Section 
908(b)(3)(C) of the International Lending Supervision Act of 1983 (12 
U.S.C. 3907(b)(3)(C)) is amended by striking ``Chairman of the Board of 
Governors'' and inserting ``Chair of the Board of Governors''.
    (p) Neighborhood Reinvestment Corporation Act.--Section 604(a)(3) 
of the Neighborhood Reinvestment Corporation Act (42 U.S.C. 8103(a)(3)) 
is amended by striking ``Chairman'' each place it appears and inserting 
``Chair''.
    (q) Public Law 93-495.--Section 202(a)(1) of Public Law 93-495 (12 
U.S.C. 2402(a)(1)) is amended--
            (1) by striking ``Chairman of the Board of Governors'' and 
        inserting ``Chair of the Board of Governors''; and
            (2) by striking ``his'' and inserting ``the Chair's''.
    (r) Sarbanes-Oxley Act of 2002.--Section 101(e)(4)(A) of the 
Sarbanes-Oxley Act of 2002 (15 U.S.C. 7211(e)(4)(A)) is amended by 
striking ``Chairman of the Board of Governors'' and inserting ``Chair 
of the Board of Governors''.
    (s) Securities Exchange Act of 1934.--Section 17A(f)(4)(C) of the 
Securities Exchange Act of 1934 (15 U.S.C. 78q-1(f)(4)(C)) is amended 
by striking ``Chairman of the Board of Governors'' and inserting 
``Chair of the Board of Governors''.
    (t) Title 31.--Title 31, United States Code, is amended--
            (1) in section 1344(b)(7), by striking ``Chairman of the 
        Board of Governors'' and inserting ``Chair of the Board of 
        Governors''; and
            (2) in section 5318A, by striking ``Chairman of the Board 
        of Governors'' each place such term appears and inserting 
        ``Chair of the Board of Governors''.
    (u) Trade Act of 1974.--Section 163(b)(3) of the Trade Act of 1974 
(19 U.S.C. 2213(b)(3)) is amended by striking ``Chairman of the Board 
of Governors'' and inserting ``Chair of the Board of Governors''.
    (v) Deeming of Name.--Any reference in a law, regulation, document, 
paper, or other record of the United States to the Chairman of the 
Board of Governors of the Federal Reserve System shall be deemed to be 
a reference to the Chair of the Board of Governors of the Federal 
Reserve System.

                TITLE VII--STUDYING BARRIERS TO HOUSING

SEC. 701. SHORT TITLE.

    This title may be cited as the ``Studying Barriers to Housing 
Act''.

SEC. 702. GAO STUDY AND REPORT ON REDUCING HOMELESSNESS THROUGH PUBLIC 
              HOUSING AND SECTION 8 RENTAL ASSISTANCE.

    (a) Study.--The Comptroller General of the United States shall 
conduct a study to identify any barriers that limit the ability of a 
public housing agency in attempting to provide housing assistance under 
the Public Housing and Housing Choice Voucher programs under title I of 
the United States Housing Act of 1937 (42 U.S.C. 1437 et seq.) for 
populations experiencing homelessness, which shall include--
            (1) identification of any laws, regulations, and any other 
        notices or guidance pertaining to--
                    (A) waiting lists, documentation requirements, or 
                tenant screening that effect the ability of a public 
                housing agency to accept persons and families 
                experiencing homelessness into the public housing or 
                voucher program; and
                    (B) funding formulas and performance measures that 
                may penalize public housing agencies trying to serve 
                persons and families experiencing homelessness;
            (2) analyzing and determining the effect of the limitation 
        under section 8(o)(13)(B) of the United States Housing Act of 
        1937 (42 U.S.C. 1437f(o)(13)(B); relating to the maximum amount 
        of housing voucher assistance that a public housing agency may 
        use for project-based assistance) has on the ability of public 
        housing agencies to serve persons and families experiencing 
        homelessness; and
            (3) identification of barriers to fair housing and the 
        coordination of Federal housing assistance and homelessness 
        funds, including outreach and marketing of such funds, to 
        affirmatively further fair housing for protected classes under 
        the Fair Housing Act of 1968 (42 U.S.C. 3601 et seq.) that are 
        disproportionately experiencing homelessness.
    (b) Report.--Not later than the expiration of the 12-month period 
beginning on the date of the enactment of this Act, the Comptroller 
General shall submit a report to the Congress describing the study 
conducted pursuant to subsection (a) and setting forth the results and 
conclusions of the study.

           TITLE VIII--STATE OF HOUSING IN THE UNITED STATES

SEC. 801. INTERAGENCY WORKING GROUP REPORTS.

    There is established an interagency working group consisting of the 
Secretary of the Treasury, the Secretary of Housing and Urban 
Development, and the Director of the Federal Housing Finance Agency, 
which shall produce two reports, in consultation with the Attorney 
General, the Secretary of Agriculture, the Secretary of Veterans 
Affairs, the Secretary of Transportation, and the Executive Director of 
the United States Interagency Council on Homelessness, each year 
detailing the state of housing in the United States, including 
recommendations related to housing fairness, affordability. and supply.

SEC. 802. TESTIMONY ON THE STATE OF HOUSING AFFORDABILITY AND SUPPLY.

    After each report is produced under section 601, each member of the 
interagency working group described under section 601 shall appear 
before the Committee on Financial Services of the House of 
Representatives and the Committee on Banking, Housing, and Urban 
Affairs of the Senate to testify on the contents of such report.

             TITLE XI--REPORT ON HOUSING FOR LGBTQ+ PERSONS

SEC. 901. HUD REPORT.

    Not later than the expiration of the 6-month period beginning on 
the date of the enactment of this Act, the Secretary of Housing and 
Urban Development shall submit a report to the Congress describing all 
efforts and activities of the Department of Housing and Urban 
Development, recently taken, ongoing, or planned, to provide or 
facilitate access to affordable permanent and temporary housing for 
persons who identify as lesbian, gay, bisexual, transgender, 
questioning/queer, or another identity other than heterosexual, 
including such person who are youth, elderly, and homeless.

 TITLE X--EXPANDING ACCESS TO CREDIT THROUGH CONSUMER-PERMISSIONED DATA

SEC. 1001. SHORT TITLE.

    This title may be cited as the ``Expanding Access to Credit through 
Consumer-Permissioned Data Act''.

SEC. 1002. FINDINGS.

    The Congress finds the following:
            (1) Using alternative data in mortgage lending (either 
        through alternative credit scores or in underwriting) has the 
        potential to increase access to credit for individuals with 
        little or no credit history with the national credit reporting 
        agencies (NCRAs), according to a review of alternative data use 
        in mortgage lending by the Government Accountability Office in 
        December 2021.
            (2) Approximately 45 million consumers do not have any 
        credit history with the NCRAs or did not have enough credit 
        history to be scored, according to a 2015 report by the Bureau 
        of Consumer Financial Protection (CFPB), entitled ``Data Point: 
        Credit Invisibles''. The CFPB also reported that this 
        population disproportionately included low-income consumers, 
        younger consumers, and consumers of color.
            (3) The use of alternative data to establish a low- or 
        moderate-income borrower's credit history for the purpose of 
        extending mortgage credit can help lenders meet goals of the 
        Community Reinvestment Act.
            (4) Mortgage underwriting systems that allow lenders to use 
        consumer-permissioned alternative credit information may help 
        expand access to mortgages for borrowers with lower credit 
        scores and communities of color. On September 21, 2021, Fannie 
        Mae updated its automated underwriting system so that it 
        notifies lenders that a borrower may benefit from the inclusion 
        of consistent rental payment information, and with the 
        consumer's permission, the underwriting system will 
        automatically identify rental payments within bank statement 
        data and include this in its credit assessment. According to a 
        fair lending and credit risk analysis by Fannie Mae and the 
        Federal Housing Finance Agency, the populations most likely to 
        benefit from this change are applicants with lower credit 
        scores, who are disproportionately consumers of color.

SEC. 1003. REQUIREMENT TO CONSIDER ADDITIONAL CREDIT INFORMATION WHEN 
              MAKING MORTGAGE LOANS.

    (a) In General.--The Equal Credit Opportunity Act (15 U.S.C. 1691 
et seq.) is amended by inserting after section 701 the following:
``Sec. 701A. Requirement to consider additional credit information when 
              making mortgage loans
    ``(a) In General.--A creditor extending a mortgage loan shall, in 
evaluating the creditworthiness of an applicant, consider credit 
information not reported through a consumer reporting agency, if--
            ``(1) the applicant--
                    ``(A) requests such consideration, and has not 
                retracted such request;
                    ``(B) provides the credit information to be 
                considered; and
                    ``(C) states that the applicant does not believe 
                that credit information reported through consumer 
                reporting agencies fully or accurately reflects the 
                applicant's creditworthiness in the absence of such 
                information; and
            ``(2) the credit information relates to the types of 
        information that the creditor would consider if otherwise 
        reported and includes current payment and transaction 
        information, such as bank statement information or rental 
        payment information.
    ``(b) Treatment of Additional Information.--A creditor shall treat 
any information provided pursuant to subsection (a) in the same manner 
and with the same weight as the creditor would treat the same 
information if it were provided by a consumer reporting agency, unless 
the creditor reasonably determines that the information is the result 
of a material misrepresentation.
    ``(c) Notice to Applicants.--
            ``(1) In general.--A creditor described under subsection 
        (a) shall provide each applicant for a mortgage loan with a 
        notice that includes--
                    ``(A) an explanation of the applicant's right under 
                this section to provide additional credit information 
                to the creditor for consideration, including examples 
                of such additional information, as well as the benefits 
                of providing such information;
                    ``(B) the right of the creditor to disregard any 
                such information if the creditor determines that the 
                information is the result of a material 
                misrepresentation; and
                    ``(C) the right of an applicant to retract the 
                applicant's request to use such additional credit 
                information at any point in the application process.
            ``(2) Notice languages.--Notices required under paragraph 
        (1) shall be made available in each of the 8 languages most 
        commonly spoken by individuals with limited English 
        proficiency, as determined by the Director of the Bureau using 
        information published by the Director of the Bureau of the 
        Census.
            ``(3) Form language.--The Director of the Bureau shall 
        establish form language, which shall be used by each creditor 
        when providing the notices required under this subsection, 
        providing--
                    ``(A) the examples described under paragraph 
                (1)(A);
                    ``(B) the description of the benefits described 
                under paragraph (1)(A); and
                    ``(C) the non-English language versions of the 
                notices described under paragraph (2).
    ``(d) Consideration of Alternative Data; Treatment of Underwriting 
Systems.--A creditor shall ensure that the alternative data provided 
under the requirements of subsection (a) shall be considered as part of 
the decisioning process. Any creditor who develops or maintains an 
underwriting system for mortgage loans shall ensure such system 
complies with the requirements described under subsection (a).
    ``(e) Consumer Reporting Agency Defined.--In this section, the term 
`consumer reporting agency' has the meaning given that term under 
section 603 of the Fair Credit Reporting Act.''.
    (b) Clerical Amendment.--The table of contents for the Equal Credit 
Opportunity Act is amended by inserting after the item relating to 
section 701 the following:

``701A. Requirement to consider additional credit information when 
                            making mortgage loans.''.

                        TITLE XI--PAYMENT CHOICE

SEC. 1101. SHORT TITLE.

    This subtitle may be cited as the ``Payment Choice Act of 2022''.

SEC. 1102. SENSE OF CONGRESS.

    It is the sense of Congress that every consumer has the right to 
use cash at retail businesses who accept in-person payments.

SEC. 1103. RETAIL BUSINESSES PROHIBITED FROM REFUSING CASH PAYMENTS.

    (a) In General.--Subchapter I of chapter 51 of title 31, United 
States Code, is amended by adding at the end the following:
``Sec. 5104. Retail businesses prohibited from refusing cash payments
    ``(a) In General.--Any person engaged in the business of selling or 
offering goods or services at retail to the public with a person 
accepting in-person payments at a physical location (including a person 
accepting payments for telephone, mail, or internet-based transactions 
who is accepting in-person payments at a physical location)--
            ``(1) shall accept cash as a form of payment for sales of 
        less than $2,000 (or, for loan payments, payments made on a 
        loan with an original principal amount of less than $2,000) 
        made at such physical location; and
            ``(2) may not charge cash-paying customers a higher price 
        compared to the price charged to customers not paying with 
        cash.
    ``(b) Exceptions.--
            ``(1) In general.--Subsection (a) shall not apply to a 
        person if such person--
                    ``(A) is unable to accept cash because of--
                            ``(i) a sale system failure that 
                        temporarily prevents the processing of cash 
                        payments; or
                            ``(ii) a temporary insufficiency in cash on 
                        hand needed to provide change; or
                    ``(B) provides customers with the means, on the 
                premises, to convert cash into a card that is either a 
                general-use prepaid card, a gift card, or an access 
                device for electronic fund transfers for which--
                            ``(i) there is no fee for the use of the 
                        card;
                            ``(ii) there is not a minimum deposit 
                        amount greater than 1 dollar;
                            ``(iii) amounts loaded on the card do not 
                        expire, except as permitted under paragraph 
                        (2);
                            ``(iv) there is no collection of any 
                        personal identifying information from the 
                        customer;
                            ``(v) there is no fee to use the card; and
                            ``(iv) there may be a limit to the number 
                        of transactions.
            ``(2) Inactivity.--A person seeking exception from 
        subsection (a) may charge an inactivity fee in association with 
        a card offered by such person if--
                    ``(A) there has been no activity with respect to 
                the card during the 12-month period ending on the date 
                on which the inactivity fee is imposed;
                    ``(B) not more than 1 inactivity fee is imposed in 
                any 1-month period; and
                    ``(C) it is clearly and conspicuously stated, on 
                the face of the mechanism that issues the card and on 
                the card--
                            ``(i) that an inactivity fee or charge may 
                        be imposed;
                            ``(ii) the frequency at which such 
                        inactivity fee may be imposed; and
                            ``(iii) the amount of such inactivity fee.
    ``(c) Right to Not Accept Large Bills.--
            ``(1) In general.--Notwithstanding subsection (a), for the 
        5-year period beginning on the date of enactment of this 
        section, this section shall not require a person to accept cash 
        payments in $50 bills or any larger bill.
            ``(2) Rulemaking.--
                    ``(A) In general.--The Secretary of the Treasury, 
                in this section referred to as the Secretary, shall 
                issue a rule on the date that is 5 years after the date 
                of the enactment of this section with respect to any 
                bills a person is not required to accept.
                    ``(B) Requirement.--When issuing a rule under 
                subparagraph (A), the Secretary shall require persons 
                to accept $1, $5, $10, $20, and $50 bills.
    ``(d) Enforcement.--
            ``(1) Preventative relief.--Whenever any person has 
        engaged, or there are reasonable grounds to believe that any 
        person is about to engage, in any act or practice prohibited by 
        this section, a civil action for preventive relief, including 
        an application for a permanent or temporary injunction, 
        restraining order, or other order may be brought against such 
        person.
            ``(2) Civil penalties.--Any person who violates this 
        section shall--
                    ``(A) be liable for actual damages;
                    ``(B) be fined not more than $2,500 for a first 
                offense; and
                    ``(C) be fined not more than $5,000 for a second or 
                subsequent offense.
            ``(3) Jurisdiction.--An action under this section may be 
        brought in any United States district court, or in any other 
        court of competent jurisdiction.
            ``(4) Intervention of attorney general.--Upon timely 
        application, a court may, in its discretion, permit the 
        Attorney General to intervene in a civil action brought under 
        this subsection, if the Attorney General certifies that the 
        action is of general public importance.
            ``(5) Authority to appoint court-paid attorney.--Upon 
        application by an individual and in such circumstances as the 
        court may determine just, the court may appoint an attorney for 
        such individual and may authorize the commencement of a civil 
        action under this subsection without the payment of fees, 
        costs, or security.
            ``(6) Attorney's fees.--In any action commenced pursuant to 
        this section, the court, in its discretion, may allow the 
        prevailing party, other than the United States, a reasonable 
        attorney's fee as part of the costs, and the United States 
        shall be liable for costs the same as a private person.
            ``(7) Requirements in certain states and local areas.--In 
        the case of an alleged act or practice prohibited by this 
        section which occurs in a State, or political subdivision of a 
        State, which has a State or local law prohibiting such act or 
        practice and establishing or authorizing a State or local 
        authority to grant or seek relief from such act or practice or 
        to institute criminal proceedings with respect thereto upon 
        receiving notice thereof, no civil action may be brought 
        hereunder before the expiration of 30 days after written notice 
        of such alleged act or practice has been given to the 
        appropriate State or local authority by registered mail or in 
        person, provided that the court may stay proceedings in such 
        civil action pending the termination of State or local 
        enforcement proceedings.
    ``(e) Greater Protection Under State Law.--This section shall not 
preempt any law of a State, the District of Columbia, a Tribal 
government, or a territory of the United States if the protections that 
such law affords to consumers are greater than the protections provided 
under this section.
    ``(f) Rulemaking.--The Secretary shall issue such rules as the 
Secretary determines are necessary to implement this section, which may 
prescribe additional exceptions to the application of the requirements 
described in subsection (a).''.
    (b) Clerical Amendment.--The table of contents for chapter 51 of 
title 31, United States Code, is amended by inserting after the item 
relating to section 5103 the following:

``5104. Retail businesses prohibited from refusing cash payments.''.
    (c) Rule of Construction.--The amendments made by this section may 
not be construed to have any effect on section 5103 of title 31, United 
States Code.

            Passed the House of Representatives June 15, 2022.

            Attest:

                                                                 Clerk.
117th CONGRESS

  2d Session

                               H. R. 2543

_______________________________________________________________________

                                 AN ACT

    To amend the Federal Reserve Act to add additional demographic 
  reporting requirements, to modify the goals of the Federal Reserve 
                    System, and for other purposes.